330 research outputs found
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
Spin-phonon interaction and band effects in the high-T_C superconductor HgBa_2CuO_4
Band calculations show that a stripe-like anti-ferromagnetic spin wave is
enforced by a 'half-breathing' phonon distortion within the CuO plane of
HgBa_2CuO_4. This spin-phonon coupling is increased further by shear distortion
and by increased distance between Cu and apical oxygens. The effects from
spin-phonon coupling are consistent with many observations in high-T_C
materials. Spin-phonon coupling can be important for the mechanism of spin
fluctuations and superconductivity, although the effects are quantitatively
weak when using the local density potential.Comment: 4 pages, 1 figur
Projected SO(5) Hamiltonian for Cuprates and Its Applications
The projected SO(5) (pSO(5)) Hamiltonian incorporates the quantum spin and
superconducting fluctuations of underdoped cuprates in terms of four bosons
moving on a coarse grained lattice. A simple mean field approximation can
explain some key feautures of the experimental phase diagram: (i) The Mott
transition between antiferromagnet and superconductor, (ii) The increase of T_c
and superfluid stiffness with hole concentration x and (iii) The increase of
antiferromagnetic resonance energy as sqrt{x-x_c} in the superconducting phase.
We apply this theory to explain the ``two gaps'' problem found in underdoped
cuprate Superconductor-Normal- Superconductor junctions. In particular we
explain the sharp subgap Andreev peaks of the differential resistance, as
signatures of the antiferromagnetic resonance (the magnon mass gap). A critical
test of this theory is proposed. The tunneling charge, as measured by shot
noise, should change by increments of Delta Q= 2e at the Andreev peaks, rather
than by Delta Q=e as in conventional superconductors.Comment: 3 EPS figure
QCD Form Factors and Hadron Helicity Non-Conservation
Recent data for the ratio shocked the
community by disobeying expectations held for 50 years. We examine the status
of perturbative QCD predictions for helicity-flip form factors. Contrary to
common belief, we find there is no rule of hadron helicity conservation for
form factors. Instead the analysis yields an inequality that the leading power
of helicity-flip processes may equal or exceed the power of helicity conserving
processes. Numerical calculations support the rule, and extend the result to
the regime of laboratory momentum transfer . Quark orbital angular
momentum, an important feature of the helicity flip processes, may play a role
in all form factors at large , depending on the quark wave functions.Comment: 25 pages, 5 figure
A study of charged kappa in
Based on events collected by BESII, the decay
is studied. In the invariant mass
spectrum recoiling against the charged , the charged
particle is found as a low mass enhancement. If a Breit-Wigner function of
constant width is used to parameterize the kappa, its pole locates at MeV/. Also in this channel,
the decay is observed for the first time.
Its branching ratio is .Comment: 14 pages, 4 figure
A new ghost cell/level set method for moving boundary problems:application to tumor growth
In this paper, we present a ghost cell/level set method for the evolution of interfaces whose normal velocity depend upon the solutions of linear and nonlinear quasi-steady reaction-diffusion equations with curvature-dependent boundary conditions. Our technique includes a ghost cell method that accurately discretizes normal derivative jump boundary conditions without smearing jumps in the tangential derivative; a new iterative method for solving linear and nonlinear quasi-steady reaction-diffusion equations; an adaptive discretization to compute the curvature and normal vectors; and a new discrete approximation to the Heaviside function. We present numerical examples that demonstrate better than 1.5-order convergence for problems where traditional ghost cell methods either fail to converge or attain at best sub-linear accuracy. We apply our techniques to a model of tumor growth in complex, heterogeneous tissues that consists of a nonlinear nutrient equation and a pressure equation with geometry-dependent jump boundary conditions. We simulate the growth of glioblastoma (an aggressive brain tumor) into a large, 1 cm square of brain tissue that includes heterogeneous nutrient delivery and varied biomechanical characteristics (white matter, gray matter, cerebrospinal fluid, and bone), and we observe growth morphologies that are highly dependent upon the variations of the tissue characteristics—an effect observed in real tumor growth
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