Vacuum Stability of Standard Model^{++}

The latest results of the ATLAS and CMS experiments point to a preferred narrow Higgs mass range (m_h \simeq 124 - 126 GeV) in which the effective potential of the Standard Model (SM) develops a vacuum instability at a scale 10^{9} -10^{11} GeV, with the precise scale depending on the precise value of the top quark mass and the strong coupling constant. Motivated by this experimental situation, we present here a detailed investigation about the stability of the SM^{++} vacuum, which is characterized by a simple extension of the SM obtained by adding to the scalar sector a complex SU(2) singlet that has the quantum numbers of the right-handed neutrino, H", and to the gauge sector an U(1) that is broken by the vacuum expectation value of H". We derive the complete set of renormalization group equations at one loop. We then pursue a numerical study of the system to determine the triviality and vacuum stability bounds, using a scan of 10^4 random set of points to fix the initial conditions. We show that, if there is no mixing in the scalar sector, the top Yukawa coupling drives the quartic Higgs coupling to negative values in the ultraviolet and, as for the SM, the effective potential develops an instability below the Planck scale. However, for a mixing angle -0.35 \alt \alpha \alt -0.02 or 0.01 \alt \alpha \alt 0.35, with the new scalar mass in the range 500 GeV \alt m_{h"} \alt 8 TeV, the SM^{++} ground state can be absolutely stable up to the Planck scale. These results are largely independent of TeV-scale free parameters in the model: the mass of the non-anomalous U(1) gauge boson and its branching fractions.Comment: 17 revtex pages, 8 figures; to be published in JHE

Large Scale Anisotropy of Cosmic Rays and Directional Neutrino Signals from Galactic Sources

We investigate the neutrino - cosmic ray connection for sources in the Galaxy in terms of two observables: the shape of the energy spectrum and the distribution of arrival directions. We also study the associated gamma ray emission from these sources.Comment: Proceedings of the 2nd Cosmic Ray Anisotropy Workshop, 26-28 September 2013, Madison, Wisconsin. To appear in IOP Conference Serie

BASEL III: Long-term impact on economic performance and fluctuations

We assess the long-term economic impact of the new regulatory standards (the Basel III reform), answering the following questions. (1) What is the impact of the reform on long-term economic performance? (2) What is the impact of the reform on economic fluctuations? (3) What is the impact of the adoption of countercyclical capital buffers on economic fluctuations? The main results are the following. (1) Each percentage point increase in the capital ratio causes a median 0.09 percent decline in the level of steady state output, relative to the baseline. The impact of the new liquidity regulation is of a similar order of magnitude, at 0.08 percent. This paper does not estimate the benefits of the new regulation in terms of reduced frequency and severity of financial crisis, analysed in Basel Committee on Banking Supervision (BCBS, 2010b). (2) The reform should dampen output volatility; the magnitude of the effect is heterogeneous across models; the median effect is modest. (3) The adoption of countercyclical capital buffers could have a more sizeable dampening effect on output volatility. These conclusions are fully consistent with those of the reports by the Long-term Economic Impact group (BCBS, 2010b) and Macro Assessment Group (MAG, 2010b).Basel III, countercyclical capital buffers, financial (in)stability, procyclicality, macroprudential policy.