Monetary Policy and Multiple Equilibria

In this paper, we characterize conditions under which interest rate feedback rules wherby the nominal interest rate is set as an increasing function of the inflation rate generate multiple equilibria. We show that these conditions depend not only on the fiscal regime (as emphasized in the fiscal theory of the price level) but also on the way in which money is assumed to enter preferences and technology. We analyze this issue in flexible and sticky price environments.MONETARY POLICY ; PRICES ; INTEREST RATE

Avoiding Liquidity Traps

Once the zero bound on nominal interest rates is taken into account, Taylor-type interest-rate feedback rules give rise to unintended self-fulfilling decelerating inflation paths and aggregate fluctuations driven by arbitrary revisions in expectations. These undesirable equilibria exhibit the essential features of liquidity traps, as monetary policy is ineffective in bringing about the government's goals regarding the stability of output and prices. This paper proposes several fiscal and monetary policies that preserve the appealing features of Taylor rules, such as local uniqueness of equilibrium near the inflation target, and at the same time rule out the deflationary expectations that can lead an economy into a liquidity trap.TAYLOR RULES; LIQUIDITY TRAPS; ZERO BOUND ON NOMINAL INTEREST RATES.

Micromachined Oblique Incidence Refleciometry (OIR) Probe for Skin Cancer Detection

We present the design, fabrication and in-vivo testing of a new micromachined probe for skin cancer detection based on oblique incidence reflectometry (OIR). The device miniaturization and fabrication precision provided by micromachining ensure reliable and repeatable high performance of the probe. The developed probe has been tested in a pre-clinical condition. An overall sensitivity of 100% and specificity of 93% haven been achieved in the classification of malignant and benign skin lesions

Nonlinear viscosity and velocity distribution function in a simple longitudinal flow

A compressible flow characterized by a velocity field $u_x(x,t)=ax/(1+at)$ is analyzed by means of the Boltzmann equation and the Bhatnagar-Gross-Krook kinetic model. The sign of the control parameter (the longitudinal deformation rate $a$) distinguishes between an expansion ($a>0$) and a condensation ($a<0$) phenomenon. The temperature is a decreasing function of time in the former case, while it is an increasing function in the latter. The non-Newtonian behavior of the gas is described by a dimensionless nonlinear viscosity $\eta^*(a^*)$, that depends on the dimensionless longitudinal rate $a^*$. The Chapman-Enskog expansion of $\eta^*$ in powers of $a^*$ is seen to be only asymptotic (except in the case of Maxwell molecules). The velocity distribution function is also studied. At any value of $a^*$, it exhibits an algebraic high-velocity tail that is responsible for the divergence of velocity moments. For sufficiently negative $a^*$, moments of degree four and higher may diverge, while for positive $a^*$ the divergence occurs in moments of degree equal to or larger than eight.Comment: 18 pages (Revtex), including 5 figures (eps). Analysis of the heat flux plus other minor changes added. Revised version accepted for publication in PR

High-Speed imaging reveals opposing effects of chronic stress and antidepressants on neuronal activity propagation through the hippocampal trisynaptic circuit

Antidepressants (ADs) are used as first-line treatment for most stress-related psychiatric disorders. The alterations in brain circuit dynamics that can arise from stress exposure and underlie therapeutic actions of ADs remain, however, poorly understood. Here, enabled by a recently developed voltage-sensitive dye imaging (VSDI) assay in mouse brain slices, we examined the impact of chronic stress and concentration-dependent effects of eight clinically used ADs (belonging to different chemical/functional classes) on evoked neuronal activity propagations through the hippocampal trisynaptic circuitry (HTC: perforant path -> dentate gyrus (DG) -> area CA3 -> area CA1). Exposure of mice to chronic social defeat stress led to markedly weakened activity propagations ("HTC-Waves"). In contrast, at concentrations in the low micromolar range, all ADs, which were bath applied to slices, caused an amplification of HTC-Waves in CA regions (invariably in area CA1). The fast-acting "antidepressant" ketamine, the mood stabilizer lithium, and brain derived neurotrophic factor (BDNF) exerted comparable enhancing effects, whereas the antipsychotic haloperidol and the anxiolytic diazepam attenuated HTC-Waves. Collectively, we provide direct experimental evidence that chronic stress can depress neuronal signal flow through the HTC and demonstrate shared opposing effects of ADs. Thus, our study points to a circuit level mechanism of ADs to counteract stress-induced impairment of hippocampal network function. However, the observed effects of ADs are impossible to depend on enhanced neurogenesis

El nombre en el derecho civil

La reglamentación que el Código Civil Colombiano trae sobre el nombre de las personas es deficientísima; apenas si hace de él mención cuando habla del estado civil de las personas, del matrimonio, de las pruebas del estado civil, de las disposiciones sobre el registro. La más importante reglamentación de la materia se encuentra en el Decreto 1003 de 1939. El derecho aplicable será pues el uso y la jurisprudencia. La mayor parte de los códigos extranjeros, en especial los Anglo-Sajones, contienen disposiciones al respecto. El Colombiano admite la costumbre, siempre que sea general y conforme a las buenas costumbres, lo mismo que o la moral cristiana

Pulsed laser deposition growth of heteroepitaxial YBa2Cu3O7/La0.67Ca0.33MnO3 superlattices on NdGaO3 and Sr0.7La0.3Al0.65Ta0.35O3 substrates

Heteroepitaxial superlattices of [YBa2Cu3O7(n)/ La0.67Ca0.33MnO3(m)]x, where n and m are the number of YBCO and LCMO monolayers and x the number of bilayer repetitions, have been grown with pulsed laser deposition on NdGaO3 (110) and Sr0.7La0.3Al0.65Ta0.35O3 (LSAT) (001). These substrates are well lattice matched with YBCO and LCMO and, unlike the commonly used SrTiO3, they do not give rise to complex and uncontrolled strain effects due to structural transitions at low temperature. The growth dynamics and the structure have been studied in-situ with reflection high energy electron diffraction (RHEED) and ex-situ with scanning transmission electron microscopy (STEM), x-ray diffraction, and neutron reflectometry. The individual layers are found to be flat and continuous over long lateral distances with sharp and coherent interfaces and with a well-defined thickness of the individual layer. The only visible defects are antiphase boundaries in the YBCO layers that originate from perovskite unit cell height steps at the interfaces with the LCMO layers. We also find that the first YBCO monolayer at the interface with LCMO has an unusual growth dynamics and is lacking the CuO chain layer while the subsequent YBCO layers have the regular Y-123 structure. Accordingly, the CuO2 bilayers at both the LCMO/YBCO and the YBCO/LCMO interfaces are lacking one of their neighboring CuO chain layers and thus half of their hole doping reservoir. Nevertheless, from electric transport measurements on asuperlattice with n=2 we obtain evidence that the interfacial CuO2 bilayers remain conducting and even exhibit the onset of a superconducting transition at very low temperature. Finally, we show from dc magnetization and neutron reflectometry measurements that the LCMO layers are strongly ferromagnetic