Temptation and Self-Control: Some Evidence from the Consumer Expenditure Survey

Temptation, Self-Control, Gul-Pesendorfer Preferences, Asset Pricing

Vertical production and trade interdependence and welfare

The authors study international transmissions and welfare implications of monetary shocks in a two-country world with multiple stages of production and multiple border-crossings of intermediate goods. This empirically relevant feature is important, as it has opposite implications for two external spillover effects of a unilateral monetary expansion. If all production and trade are assumed to occur in a single stage, the conflict-of-interest terms-of-trade effect tends to dominate the common-interest efficiency-improvement effect for reasonable parameter values, so that the international welfare effects would depend in general on the underlying assumptions about the currencies of price setting. The stretch of production and trade across multiple stages of processing magnifies the efficiency-improvement effect and dampens the terms-of-trade effect. Thus, a monetary expansion can be mutually beneficial regardless of its source or the pricing assumptions.Production (Economic theory) ; Trade ; Monopolistic competition ; Welfare

Learning, adaptive expectations, and technology shocks

This study explores the macroeconomic implications of adaptive expectations in a standard real business cycle model. When rational expectations are replaced by adaptive expectations, we show that the self-confirming equilibrium is the same as the steady-state rational expectations equilibrium for all admissible parameters but that dynamics around the steady state are substantially different between the two equilibria. The differences are driven mainly by the dampened wealth effect and the strengthened intertemporal substitution effect, not by the escapes emphasized by Williams (2003). As a result, adaptive expectations can be an important source of frictions that amplify and propagate technology shocks and seem promising for generating plausible labor market dynamics.Equilibrium (Economics)

Learning, adaptive expectations, and technology shocks

This study explores the macroeconomic implications of adaptive expectations in a standard real business cycle model. When rational expectations are replaced by adaptive expectations, we show that the self-confirming equilibrium is the same as the steady state rational expectations equilibrium for all admissible parameters, but that dynamics around the steady state are substantially different between the two equilibria. The differences are driven mainly by the dampened wealth effect and the strengthened intertemporal substitution effect, not by the escapes emphasized by Williams (2003). As a result, adaptive expectations can be an important source of frictions that amplify and propagate technology shocks and seem promising for generating plausible labor market dynamics.Macroeconomics

Input-Output Structure and the General Equilibrium Dynamics of Inflation and Output

Recent empirical studies reveal that monetary shocks cause persistent fluctuations in inflation and aggregate output. In the literature, few mechanisms have been identified to generate such persistence. In this paper, we propose a new mechanism that does so. Our model features an input-output structure and staggered price contracts. Working through the input-output relations and the timing of firms\u27 pricing decisions, the model generates smaller fluctuations in marginal cost facing firms at later stages than at earlier stages and hence persistent responses of both the inflation rate and aggregate output following a monetary stock. The persistence is larger, the greater the number of production stages. With a sufficient number of stages, the real persistence is arbitrarily large

Effect of anaerobic fermentation residues on a chromium-contaminated soil-vegetable system

AbstractWastewater irrigation and the deposit of chromium residues during the course of chromate production had caused serious chromium pollution in farmland. The aim of this study was to use anaerobic fermentation residues to treat with a chromium-contaminated soil-vegetable system. Pot experiment with Chinese cabbage, indoor cultivation experiment and soil adsorption experiments were conducted in this study. The results indicated that both yields and residual chromium in Chinese cabbages with the treatment of anaerobic fermentation residues were generally better than that with the treatment of chemical fertilizer. At the second experiment, compared with raw soil, mineralized potential and mineralized rate of nitrogen increased 29.2% and 15.4% respectively after adding anaerobic fermentation residues. Experimental results were fitted to Langmuir equation, Freundlich equation and Temkin equation, Langmuir equation was found to be the best to describe the adsorption of phosphor, and Temkin equation was the fittest for describing the adsorption of potassium. The supply of nitrogen, phosphor and potassium from soil were enhanced in varying degree (nitrogen > phosphor >potassium). Thus anaerobic fermentation residues may be considered as a widespread, effective and safe strategy for deal with chromium-contaminated soil-vegetable system in future

Phase Transformation of Nb in Carburized Zone of 25Cr35NiNb+MA Alloy After Service

Abstract25Cr35NiNb+MA alloy is widely used in ethylene pyrolysis furnace tube, the highest service temperature can be 1100°C, and has high resistance to creep and carburization. Ethylene pyrolysis furnace tube will suffer carburizing during service, which lead to phase transformation. Phase transformation of 25Cr35NiNb+MA heat-resistant ethylene pyrolysis furnace tube was investigated after service and the Nb transition during service was discussed. The phase transformation of ethylene pyrolysis furnace tube was characterized with field emission scanning electron microscopy (FE-SEM) equipped with energy dispersive spectrum (EDS). Results reveal that the microstructure of as-cast 25Cr35NiNb+MA alloy contains NbC carbides on the dendrite boundaries. During service at high temperature, the NbC carbides transform to blocky G-phase (Ni16Nb6Si7) between M23C6 and matrix. As the carburizing process occurs, the blocky G-phase (Ni16Nb6Si7) gradually transforms to granular NbC, and distribute at the center of chromium carbide. The granular NbC will improve resistance of creep

Study on the effect of biogas project on the development of lowcarbon circular economy -A case study of Beilangzhong eco-village

AbstractWith Beilangzhong eco-village as an example, the effects of the biogas project on the reduction of greenhouse gas (GHG) emission and its economic effects are analyzed. The results show that 1833.45t GHG (CO2 equivalent) was reduced, and an income of 1,117,000 Yuan (RMB), a net income of 958,500 Yuan (RMB), was gained by biogas sales, alternative energy, comprehensive utilization of anaerobic fermentation residues and the reduction of GHG emission, so the biogas project can greatly promote the establishment of low-carbon circular economy mode and sustainable development of ecological agriculture in Beilangzhong eco-village

On Two-Body Decays of A Scalar Glueball

We study two body decays of a scalar glueball. We show that in QCD a spin-0 pure glueball (a state only with gluons) cannot decay into a pair of light quarks if chiral symmetry holds exactly, i.e., the decay amplitude is chirally suppressed. However, this chiral suppression does not materialize itself at the hadron level such as in decays into $\pi^+\pi^-$ and $K^+K^-$, because in perturbative QCD the glueball couples to two (but not one) light quark pairs that hadronize to two mesons. Using QCD factorization based on an effective Lagrangian, we show that the difference of hadronization into $\pi\pi$ and $KK$ already leads to a large difference between ${\rm Br} (\pi^+\pi^-)$ and ${\rm Br}(K^+K^-)$, even the decay amplitude is not chirally suppressed. Moreover, the small ratio of $R={\rm Br}(\pi\pi)/{\rm Br}(K\bar K)$ of $f_0(1710)$ measured in experiment does not imply $f_0(1710)$ to be a pure glueball. With our results it is helpful to understand the partonic contents if ${\rm Br}(\pi\pi)$ or ${\rm Br}(K\bar K)$ is measured reliably.Comment: revised versio