Inelastic Diffraction and Spectroscopy of Very Weakly Bound Clusters

We study the coherent inelastic diffraction of very weakly bound two body clusters from a material transmission grating. We show that internal transitions of the clusters can lead to new separate peaks in the diffraction pattern whose angular positions determine the excitation energies. Using a quantum mechanical approach to few body scattering theory we determine the relative peak intensities for the diffraction of the van der Waals dimers (D_2)_2 and H_2-D_2. Based on the results for these realistic examples we discuss the possible applications and experimental challenges of this coherent inelastic diffraction technique.Comment: 15 pages + 5 figures. J. Phys. B (in press

Photo- and Electroproduction of Eta Mesons

Eta photo- and electroproduction off the nucleon is investigated in an effective lagrangian approach that contains Born terms and both vector meson and nucleon resonance contributions. In particular, we review and develop the formalism for coincidence experiments with polarization degrees of freedom. The different response functions appearing in single and double polarization experiments have been studied. We will present calculations for structure functions and kinematical conditions that are most sensitive to details of the lagrangian, in particular with regard to contributions of nucleon resonances beyond the dominant $S_{11}$(1535) resonance.Comment: 24 pages RevTeX/LaTeX2.09, NFSS1, 13 figures (in separate file (tar,gzip and uue)), accepted for publication in Z. Phys.

To Separate or Not to Separate Investment from Commercial Banking? An Empirical Analysis of Attention Distortion Under Multiple Tasks

In the wake of the 2008/2009 financial crisis, a number of policy reports (Vickers, Liikanen, Volcker) proposed to separate investment banking from commercial banking to increase financial stability. This paper empirically examines one theoretical justification for these proposals, namely attention distortion under multiple tasks as in Holmstrom and Milgrom (1991). Universal banks can be viewed as combining two different tasks (investment banking and commercial banking) in the same organization. We estimate pay-performance sensitivities for different segments within universal banks and for pure investment and commercial banks. We show that the pay-performance sensitivity is higher in investment banking than in commercial banking, no matter whether it is organized as part of a universal bank or in a separate institution. Next, the paper shows that relative pay-performance sensitivities of investment and commercial banking are negatively related to the quality of the loan portfolio in universal banks. Depending on the specification, we obtain a reduction in problem loans when investment banking is removed from commercial banks of up to 12 percent. We interpret the evidence to imply that the higher pay-performance sensitivity in investment banking directs the attention of managers away from commercial banking within universal banks, consistent with Holmstrom and Milgrom (1991). Separation of investment banking and commercial banking may indeed be associated with a reduction in risk in commercial banking

The Macroeconomic Effects of the Euro Area's Fiscal Consolidation 2011-2013: A Simulation-Based Approach

We simulate the Euro Area's fiscal consolidation between 2011 and 2013 by employing two DSGE models used by the ECB and the European Commission, respectively. The cumulative multiplier amounts to 0.7 and 1.0 in the baseline, but increases to 1.3 with a reasonably calibrated financial accelerator and a crisis-related increase of the share of liquidity constrained households. In the latter scenario, fiscal consolidation would be largely responsible for the decline in the output gap from 2011-2013. Postponing the fiscal consolidation to a period of unconstrained monetary policy (until after the economic recovery) would have avoided most of these losses.Wir simulieren die Haushaltskonsolidierung im Euroraum im Zeitraum 2011 bis 2013 mit Hilfe von zwei DSGE Modellen der EZB und der Europäischen Kommission. Der kumulative Multiplikator beträgt 0.7 bzw. 1.0 in der Basislinie, steigt aber auf 1.3, wenn die Modelle um einen plausibel kalibrierter Finanzakzelerator erweitert und der Anteil liquiditätsbeschränkter Haushalte krisenbedingt erhöht wird. Im letzteren Szenario trägt die Haushaltskonsolidierung die maßgebliche Verantwortung für die Verschlechterung der Produktionslücke im Zeitraum 2011 bis 2013. Wäre die Haushaltskonsolidierung erst in einer Phase mit uneingeschränktem geldpolitischen Handlungsspielraum vorgenommen worden (d.h. nach der Erholung der Wirtschaft) hätte der Großteil der BIP-Verluste verhindert werden können

The Impact of Social Support Networks on Maternal Employment: A Comparison of West German, East German and Migrant Mothers of Pre-School Children

Given shortages in public child care in Germany, this paper asks whether social support with child care and domestic work by spouses, kin and friends can facilitate mothers' return to full-time or part-time positions within the first six years after birth. Using SOEP data from 1993-2009 and event history analyses for competing risks, the author compares the employment transitions of West German, East German and migrant mothers of pre-school children. The results indicate that West German and migrant mothers return to work sooner if they have access to kin, and that kinship support is particularly important when public child care is unavailable. Furthermore, West German and migrant mothers are more likely to work full-time if their spouses partipate in domestic work. In contrast, social support does not affect employment transitions in East Germany where public child care is more easily accessible and continuous female employment is a prevalent social norm