Compositional analysis of lunar and planetary surfaces using neutron capture gamma rays, 1 January - 31 March 1968

Detection and quantitative determination of hydrogen on planetary and lunar surfaces by neutron capture gamma ray

Keynesian Dynamics and the Wage-Price Spiral:Estimating and Analyzing a Baseline Disequilibrium Approach

In this paper, we reformulate the theoretical baseline DAS-AD model of Asada, Chen, Chiarella and Flaschel (2004) to allow for its somewhat simplified empirical estimation. The model now exhibits a Taylor interest rate rule in the place of an LM curve and a dynamic IS curve and dynamic employment adjustment. It is based on sticky wages and prices, perfect foresight of current inflation rates and adaptive expectations concerning the inflation climate in which the economy is operating. The implied nonlinear 6D model of real markets disequilibrium dynamics avoids striking anomalies of the old Neoclassical synthesis and can be usefully compared with the model of the new Neoclassical Synthesis when the latter is based on both staggered prices and wages. It exhibits typical Keynesian feedback structures with asymptotic stability of its steady state for low adjustment speeds and with cyclical loss of stability -- by way of Hopf bifurcations -- when certain adjustment speeds are made sufficiently large. In the second part we provide system estimates of the equations of the model in order to study its stability features based on empirical parameter estimates with respect to its various feedback channels. Based on these estimates we find that the dynamics is strongly convergent around the steady state, but will loose this feature if the inflationary climate variable adjusts sufficiently fast. We also study to which extent more active interest rate feedback rules or downward wage rigidity can stabilize the dynamics in the large when the steady state is made locally repelling by a faster adjustment of inflationary expectations. We find support for the orthodox view that (somewhat restricted) money wage flexibility is the most important stabilizer in this framework, while monetary policy should allow for sufficient steady state inflation in order to avoid stability problems in areas of the phase space where wages are still not very flexible in a downward directionDAS-DAD growth, wage and price Phillips curves, nonlinear estimation, stability, economic breakdown, persistent cycles, monetary policy.

De-risking of Green Investments through a Green Bond Market – Empirics and a Dynamic Model

A substantial increase of green investments is still required to reach the Paris Agreement’s emission targets. Yet, capital markets to expedite green invest-ments are generically constrained. Literature has shown that governments could de-risk such investments. Empirical beta pricing and yield estimates reveal some public involvement in the green bonds market, especially for long ma-turity bonds. We provide empirical evidence that Governments and Multilateral organizations can de-risk green investments by supporting the issuance of green bonds in contrast to private green bonds - that show higher yields, volatility and beta prices - and conventional energy bonds, that are more volatile due to oil price variations. Since lower betas also mean lower capital costs, we use those empirical results and run a dynamic model with two types of firms, modeling the economic behavior of innovators (renewable energy firms) and incumbents (fos-sil fuel firms). The simulations of our model show that de-risked interest rates help to phase in renewable energy firms in the market and avoid a sharp debt increase. However, when the new entrants carry negative pay-offs for a longer time, it might not be sufficient to keep the debt low and to avoid a shake-out in the market. Subsidies and carbon taxation can complement the role of the de-risked interest rates and expedite the energy transition. Beside deterministic model variants, we also explore a stochastic version of the model

Anderson-Hubbard model with box disorder: Statistical dynamical mean-field theory investigation

Strongly correlated electrons with box disorder in high-dimensional lattices are investigated. We apply the statistical dynamical mean-field theory, which treats local correlations non-perturbatively. The incorporation of a finite lattice connectivity allows for the detection of disorder-induced localization via the probability distribution function of the local density of states. We obtain a complete paramagnetic ground state phase diagram and find correlation-induced as well as disorder-induced metal-insulator transitions. Our results qualitatively confirm predictions obtained by typical medium theory. Moreover, we find that the probability distribution function of the local density of states in the metallic phase strongly deviates from a log-normal distribution as found for the non-interacting case.Comment: 13 pages, 15 figures, published versio

Localization of correlated fermions in optical lattices with speckle disorder

Strongly correlated fermions in three- and two-dimensional optical lattices with experimentally realistic speckle disorder are investigated. We extend and apply the statistical dynamical mean-field theory, which treats local correlations non-perturbatively, to incorporate on-site and hopping-type randomness on equal footing. Localization due to disorder is detected via the probability distribution function of the local density of states. We obtain a complete paramagnetic ground state phase diagram for experimentally realistic parameters and find a strong suppression of the correlation-induced metal insulator transition due to disorder. Our results indicate that the Anderson-Mott and the Mott insulator are not continuously connected due to the specific character of speckle disorder. Furthermore, we discuss the effect of finite temperature on the single-particle spectral function.Comment: 12 pages, 16 figures, published versio

Green bonds, transition to a low-carbon economy, and intergenerational fairness: Evidence from an extended DICE model

Perceived intergenerational unfairness is one of the obstacles for a rapid transition to a low carbon economy whereby current generations have to carry the burden of paying for mitigation, while the next generations will enjoy the benefits for free. Green bonds are believed to be able to distribute the burdens over generations more evenly. In this paper, we examine whether green bonds can indeed resolve the intergenerational inequity challenge. To do so, we employ the DICE model and supplement it with bonds and green tax through which future generations repay the debt. We show that bonds can reduce but cannot completely eliminate the intergenerational inequities. Lower interest rates shorten the initial time period when the society is worse off if a mitigation policy is implemented. Additional compensation mechanisms ensuring that the current generation retains the consumption level equal to the one without mitigation are needed to achieve a Pareto improvement of the mitigation scenario for all generations

Stock market, interest rate and output: a model and estimation for US time series data

Stock market, interest rate and output: a model and estimation for US time series dat

Ueber Tanaceton und seine Derivate

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Государственно-частное партнерство - важнейший механизм реализации социальной политики в РФ (на примере Томской области)

В статье рассмотрено понятие государственно-частное партнерство (Г П) и обоснована актуальность применения данных механизмов на различных уровнях государственной власти. Особое внимание уделено целесообразности применения механизмов Г П в рамках реализации социальной политики в РФ, выявлены и проанализированы основополагающие преимущества и недостатки, как для частного инвестора, так и для публичного партнера. Доказана эффективность применения Г П в рамках проекта "Детские сады Томской области"

Memorandum on a new financial architecture and new regulations

The financial crisis is global and is deeply rooted in a decade-long misuse of the financial market for rent-seeking. The financial industry has largely abandoned its role as a service industry, supposedly charging reasonable fees for the services of spreading risk and allocating capital and credit. Instead it provides a market for corporate control –mergers and acquisitions– and a casino for betting on or hedging practically any kind of risk –the derivatives market–.Publisher's Versio