Euler-equation estimation for discrete choice models: a capital accumulation application

This paper studies capital adjustment at the establishment level. Our goal is to characterize capital adjustment costs, which are important for understanding both the dynamics of aggregate investment and the impact of various policies on capital accumulation. Our estimation strategy searches for parameters that minimize ex post errors in an Euler equation. This strategy is quite common in models for which adjustment occurs in each period. Here, we extend that logic to the estimation of parameters of dynamic optimization problems in which non-convexities lead to extended periods of investment inactivity. In doing so, we create a method to take into account censored observations stemming from intermittent investment. This methodology allows us to take the structural model directly to the data, avoiding time-consuming simulation-based methods. To study the effectiveness of this methodology, we first undertake several Monte Carlo exercises using data generated by the structural model. We then estimate capital adjustment costs for U.S. manufacturing establishments in two sectors.

Hours and employment implications of search frictions: matching aggregate and establishment-level observations

This paper studies worker and job flows at the establishment and aggregate levels. The paper is built around a set of facts concerning the variability of unemployment and vacancies in the aggregate, the distribution of net employment growth and the comovement of hours and employment growth at the establishment level. A search model with frictions in hiring and firing is used as a framework to understand these observations. Notable features of this search model include non-convex costs of posting vacancies, establishment level profitability shocks and a contracting framework that determines the response of hours and wages to shocks. We specify and estimate the parameters of the search model using simulated method of moments to match establishment-level and aggregate observations.Employment ; Unemployment ; Hours of labor

Euler-Equation Estimation for Discrete Choice Models: A Capital Accumulation Application

This paper studies capital adjustment at the establishment level. Our goal is to characterize capital adjustment costs, which are important for understanding both the dynamics of aggregate investment and the impact of various policies on capital accumulation. Our estimation strategy searches for parameters that minimize ex post errors in an Euler equation. This strategy is quite common in models for which adjustment occurs in each period. Here, we extend that logic to the estimation of parameters of dynamic optimization problems in which non-convexities lead to extended periods of investment inactivity. In doing so, we create a method to take into account censored observations stemming from intermittent investment. This methodology allows us to take the structural model directly to the data, avoiding time-consuming simulationbased methods. To study the effectiveness of this methodology, we first undertake several Monte Carlo exercises using data generated by the structural model. We then estimate capital adjustment costs for U.S. manufacturing establishments in two sectors.

Implications of Search Frictions: Matching Aggregate and Establishment-level Observations

This paper studies hours, employment, vacancies and unemployment at micro and macro levels. It is built around a set of facts concerning the variability of unemployment and vacancies in the aggregate and, at the establishment level, the distribution of net employment growth and the comovement of hours and employment growth. A search model with frictions in hiring and firing is used as a framework to understand these observations. Notable features of this search model include non-convex costs of posting vacancies, establishment level profitability shocks and a contracting framework that determines the response of hours and wages to shocks. The search friction creates an endogenous, cyclical adjustment cost. We specify and estimate the parameters of the search model using simulated method of moments to match establishment-level and aggregate observations. The estimated search model is able to capture both the aggregate and establishment-level facts.

New Coordinates for the Amplitude Parameter Space of Continuous Gravitational Waves

The parameter space for continuous gravitational waves (GWs) can be divided into amplitude parameters (signal amplitude, inclination and polarization angles describing the orientation of the source, and an initial phase) and phase-evolution parameters. The division is useful in part because the Jaranowski-Krolak-Schutz (JKS) coordinates on the four-dimensional amplitude parameter space allow the GW signal to be written as a linear combination of four template waveforms with the JKS coordinates as coefficients. We define a new set of coordinates on the amplitude parameter space, with the same properties, which is more closely connected to the physical amplitude parameters. These naturally divide into two pairs of Cartesian-like coordinates on two-dimensional subspaces, one corresponding to left- and the other to right-circular polarization. We thus refer to these as CPF (circular polarization factored) coordinates. The corresponding two sets of polar coordinates (known as CPF-polar) can be related in a simple way to the physical parameters. We illustrate some simplifying applications for these various coordinate systems, such as: a calculation of Jacobians between various coordinate systems; an illustration of the signal coordinate singularities associated with left- and right-circular polarization, which correspond to the origins of the two two-dimensional subspaces; and an elucidation of the form of the log-likelihood ratio between hypotheses of Gaussian noise with and without a continuous GW signal. These are used to illustrate some of the prospects for approximate evaluation of a Bayesian detection statistic defined by marginalization over the physical parameter space. Additionally, in the presence of simplifying assumptions about the observing geometry, we are able to explicitly evaluate the integral for the Bayesian detection statistic, and compare it to the approximate results.Comment: REVTeX, 18 pages, 8 image files included in 7 figure

[Introduction to] The Edge of the South: Life in Nineteenth-Century Virginia

The chapters in this volume explore diverse scenes of nineteenth-century Virginia: the big house and the slave quarters, small farms and battlefields, freed slaves in the country and freed slaves in the city, dark coal mines and brightly illuminated caverns, raucous political rallies and genteel meetings of the United Daughters of the Confederacy. Each essay offers a new perspective on a past which refuses to fit familiar ways of thinking about the nation and the South.https://scholarship.richmond.edu/bookshelf/1251/thumbnail.jp

Euler-Equation Estimation for Discrete Choice Models: A Capital Accumulation Application

This paper studies capital adjustment at the establishment level. Our goal is to characterize capital adjustment costs, which are important for understanding both the dynamics of aggregate investment and the impact of various policies on capital accu- mulation. Our estimation strategy searches for parameters that minimize ex post errors in an Euler equation. This strategy is quite common in models for which adjustment occurs in each period. Here, we extend that logic to the estimation of parameters of dynamic optimization problems in which non-convexities lead to extended periods of investment inactivity. In doing so, we create a method to take into account censored observations stemming from intermittent investment. This methodology allows us to take the structural model directly to the data, avoiding time-consuming simulation- based methods. To study the effectiveness of this methodology, we first undertake several Monte Carlo exercises using data generated by the structural model. We then estimate capital adjustment costs for U.S. manufacturing establishments in two sectors.

Evidence against equimolarity of large repeat arrangements and a predominant master circle structure of the mitochondrial genome from a monkeyflower (\u3ci\u3eMimulus guttatus\u3c/i\u3e) lineage with cryptic CMS

Despite intense investigation for over 25 years, the in vivo structure of plant mitochondrial genomes remains uncertain. Mapping studies and genome sequencing generally produce large circular chromosomes, whereas electrophoretic and microscopic studies typically reveal linear and multi-branched molecules. To more fully assess the structure of plant mitochondrial genomes, the complete sequence of the monkeyflower (Mimulus guttatus DC. line IM62) mtDNA was constructed from a large (35 kb) paired-end shotgun sequencing library to a high depth of coverage (~30x). The complete genome maps as a 525,671 bp circular molecule and exhibits a fairly conventional set of features including 62 genes (encoding 35 proteins, 24 tRNAs, 3 rRNAs), 22 introns, 3 large repeats (2.7, 9.6, 29 kb), and 96 small repeats (40–293 bp). Most paired-end reads (71%) mapped to the consensus sequence at the expected distance and orientation across the entire genome, validating the accuracy of assembly. Another 10% of reads provided clear evidence of alternative genomic conformations due to apparent rearrangements across large repeats. Quantitative assessment of these repeat-spanning read pairs revealed that all large repeat arrangements are present at appreciable frequencies in vivo, although not always in equimolar amounts. The observed stoichiometric differences for some arrangements are inconsistent with a predominant master circular structure for the mitochondrial genome of M. guttatus IM62. Finally, because IM62 contains a cryptic cytoplasmic male-sterility (CMS) system, an in silico search for potential CMS genes was undertaken. The three chimeric ORFs identified in this study, in addition to the previously identified ORFs upstream of the nad6 gene, are the most likely CMS candidate genes in this line. Includes Supplementary Information

Evidence against equimolarity of large repeat arrangements and a predominant master circle structure of the mitochondrial genome from a monkeyflower (\u3ci\u3eMimulus guttatus\u3c/i\u3e) lineage with cryptic CMS

Despite intense investigation for over 25 years, the in vivo structure of plant mitochondrial genomes remains uncertain. Mapping studies and genome sequencing generally produce large circular chromosomes, whereas electrophoretic and microscopic studies typically reveal linear and multi-branched molecules. To more fully assess the structure of plant mitochondrial genomes, the complete sequence of the monkeyflower (Mimulus guttatus DC. line IM62) mtDNA was constructed from a large (35 kb) paired-end shotgun sequencing library to a high depth of coverage (~30x). The complete genome maps as a 525,671 bp circular molecule and exhibits a fairly conventional set of features including 62 genes (encoding 35 proteins, 24 tRNAs, 3 rRNAs), 22 introns, 3 large repeats (2.7, 9.6, 29 kb), and 96 small repeats (40–293 bp). Most paired-end reads (71%) mapped to the consensus sequence at the expected distance and orientation across the entire genome, validating the accuracy of assembly. Another 10% of reads provided clear evidence of alternative genomic conformations due to apparent rearrangements across large repeats. Quantitative assessment of these repeat-spanning read pairs revealed that all large repeat arrangements are present at appreciable frequencies in vivo, although not always in equimolar amounts. The observed stoichiometric differences for some arrangements are inconsistent with a predominant master circular structure for the mitochondrial genome of M. guttatus IM62. Finally, because IM62 contains a cryptic cytoplasmic male-sterility (CMS) system, an in silico search for potential CMS genes was undertaken. The three chimeric ORFs identified in this study, in addition to the previously identified ORFs upstream of the nad6 gene, are the most likely CMS candidate genes in this line. Includes Supplementary Information

Corals Use Similar Immune Cells and Wound-Healing Processes as Those of Higher Organisms

Sessile animals, like corals, frequently suffer physical injury from a variety of sources, thus wound-healing mechanisms that restore tissue integrity and prevent infection are vitally important for defence. Despite the ecological importance of reef-building corals, little is known about the cells and processes involved in wound healing in this group or in phylogenetically basal metazoans in general