Growth and the Ageing Joneses

We incorporate Keeping-up-with-the-Joneses (KUJ) preferences into the Blanchard-Yaari(BY) framework and develop, using an AK technology, a model of balanced growth. In this context we investigate status preference, demographic, and pension policy shocks. We find that a higher degree of KUJ lowers economic growth, while, in contrast, a decrease in the fertility and mortality rates increase it. In the second part of the paper we extend the model by incorporating a Pay-as-you-go (PAYG) pension system with a statutory retirement date. This introduces a life-cycle in human wealth earnings and implies that the growth rate is higher under PAYG. We also consider the implications of an increase in the retirement date under both defined benefit and defined contribution schemes.relative consumption, OLG, endogenous growth, pension reform

Keeping up with the Ageing Joneses

In this paper we consider the implications of relative consumption externalities in the Blanchard-Yaari overlapping generations framework. Unlike most of the macroeconomic literature that studies this question, the differences between agents, and, thus, in their relative position, persist in equilibrium. We show in our fixed employment model that consumption externalities lower consumption and the capital stock in long-run equilibrium, a result in sharp contrast to the recent findings of Liu and Turnovsky (2005). In addition, we solve for the intertemporal path of the economy to investigate its response to demographic shocks, specifically, to permanent changes in the birth and death rates.Relative consumption, Overlapping generations, Demographic shocks

Growth and the Ageing Joneses

We incorporate Keeping-up-with-the-Joneses (KUJ) preferences into the Blanchard-Yaari (BY) framework and develop, using an AK technology, a model of balanced growth. In this context we investigate status preference, demographic, and pension policy shocks. We find that a higher degree of KUJ lowers economic growth, while, in contrast, a decrease in the fertility and mortality rates increase it. In the second part of the paper we extend the model by incorporating a Pay-as-you-go (PAYG) pension system with a statutory retirement date. This introduces a life-cycle in human wealth earnings and implies that the growth rate is higher under PAYG. We also consider the implications of an increase in the retirement date under both defined benefit and defined contribution schemes.Relative consumption, OLG, Endogenous growth, Pension reform

Congestion and Public Capital

This paper analyzes the impact of public investment on the dynamics of private capital formation in an intertemporal optimizing market-clearing framework. The key feature characterizing the analysis is that the public good is treated as a durable capital good, subject to congestion. We show how in the presence of congestion the effect of government investment on private capital formation involves a tradeoff between the degree of substitution between private and public capital in production and the degree of congestion. Both lump-sum and distortionary tax financing are considered, with this tradeoff being tightened in the latter case.Congestion, Public Capital

Effect of Tryptophan Analogs on Derepression of the \u3cem\u3eEscherichia coli\u3c/em\u3e Tryptophan Operon by Indole-3-Propionic Acid

The abilities of 14 tryptophan analogs to repress the tryptophan (trp) operon have been studied in Escherichia coli cells derepressed by incubation with 0.25 mM indole-3-propionic acid (IPA). trp operon expression was monitored by measuring the specific activities of anthranilate synthase (EC 4.1.3.27) and the tryptophan synthase (EC 4.2.1.20) β subunit. Analogs characterized by modification or removal of the α-amino group or the α-carboxyl group did not repress the trp operon. The only analogs among this group that appeared to interact with the trp aporepressor were IPA, which derepressed the trp operon, and d-tryptophan. Analogs with modifications of the indole ring repressed the trp operon to various degrees. 7-Methyl-tryptophan inhibited anthranilate synthase activity and consequently derepressed the trp operon. Additionally, 7-methyltryptophan prevented IPA-mediated derepression but, unlike tryptophan, did so in a non-coordinate manner, with the later enzymes of the operon being relatively more repressed than the early enzymes. The effect of 7-methyltryptophan on IPA-mediated derepression was likely not due to the interaction of IPA with the allosteric site of anthranilate synthase, even though feedback-resistant mutants of anthranilate synthase were partially resistant to derepression by IPA. The effect of 7-methyltryptophan on derepression by IPA was probably due to the effect of the analog-aporepressor complex on trp operon expression

Matrix product states and the quantum max-flow/min-cut conjectures

In this note we discuss the geometry of matrix product states with periodic boundary conditions and provide three infinite sequences of examples where the quantum max-flow is strictly less than the quantum min-cut. In the first we fix the underlying graph to be a 4-cycle and verify a prediction of Hastings that inequality occurs for infinitely many bond dimensions. In the second we generalize this result to a 2d-cycle. In the third we show that the 2d-cycle with periodic boundary conditions gives inequality for all d when all bond dimensions equal two, namely a gap of at least 2^{d-2} between the quantum max-flow and the quantum min-cut.Comment: 12 pages, 3 figures - Final version accepted for publication on J. Math. Phy

The Integral Burst Alert System (IBAS)

We describe the INTEGRAL Burst Alert System (IBAS): the automatic software for the rapid distribution of the coordinates of the Gamma-Ray Bursts detected by INTEGRAL. IBAS is implemented as a ground based system, working on the near-real time telemetry stream. During the first six months of operations, six GRB have been detected in the field of view of the INTEGRAL instruments and localized by IBAS. Positions with an accuracy of a few arcminutes are currently distributed by IBAS to the community for follow-up observations within a few tens of seconds of the event.Comment: 7 pages, latex, 5 figures, Accepted for publication on A&A Special Issue on First Science with INTEGRA

The probability distribution of a trapped Brownian particle in plane shear flows

We investigate the statistical properties of an over-damped Brownian particle that is trapped by a harmonic potential and simultaneously exposed to a linear shear flow or to a plane Poiseuille flow. Its probability distribution is determined via the corresponding Smoluchowski equation, which is solved analytically for a linear shear flow. In the case of a plane Poiseuille flow, analytical approximations for the distribution are obtained by a perturbation analysis and they are substantiated by numerical results. There is a good agreement between the two approaches for a wide range of parameters.Comment: 5 pages, 4 figur