International transmission of inflation among G-7 countries: a data-determined VAR analysis

We investigate the international transmission of inflation among G-7 countries using a data-determined vector autoregression analysis, as advocated by Swanson and Granger (1997). Over the period 1973 to 2003, we find that U.S. innovations have a large effect on inflation in the other countries, although they are not always the dominant international factor. Similarly, shocks to some other countries also have a statistically and economically significant influence on U.S. inflation. Moreover, our evidence indicates that U.S. inflation has become less vulnerable to foreign shocks since the early 1990s, mainly because of the diminished influence from Germany and FranceInternational finance ; Time-series analysis

Does aggregate relative risk aversion change countercyclically over time? evidence from the stock market

Using a semiparametric estimation technique, we show that the risk-return tradeoff and the Sharpe ratio of the stock market increases monotonically with the consumption wealth ratio (CAY) across time. While early studies have commonly interpreted such a finding as evidence of the countercyclical variation in aggregate relative risk aversion (RRA), we argue that it mainly reflects changes in investment opportunities for two reasons. First, we fail to reject the null hypothesis of constant RRA after controlling for CAY as a proxy for the hedge against changes in the investment opportunity set. Second, by contrast with habit formation models but consistent with ICAPM, we find that loadings on the conditional stock market variance scaled by CAY are negatively priced in the cross-sectional regressions. For illustration, we replicate the countercyclical stock market risk-return tradeoff using simulated data from Guo's (2004) limited stock market participation model, in which RRA is constant and CAY is a proxy for shareholders' liquidity conditions.Capital assets pricing model ; Stock market

Diffusion in higher dimensional SYK model with complex fermions

We construct a new higher dimensional SYK model with complex fermions on bipartite lattices. As an extension of the original zero-dimensional SYK model, we focus on the one-dimension case, and similar Hamiltonian can be obtained in higher dimensions. This model has a conserved U(1) fermion number Q and a conjugate chemical potential \mu. We evaluate the thermal and charge diffusion constants via large q expansion at low temperature limit. The results show that the diffusivity depends on the ratio of free Majorana fermions to Majorana fermions with SYK interactions. The transport properties and the butterfly velocity are accordingly calculated at low temperature. The specific heat and the thermal conductivity are proportional to the temperature. The electrical resistivity also has a linear temperature dependence term.Comment: 15 pages, 1 figure, add 4 references and fix some typos in this versio

Is value premium a proxy for time-varying investment opportunities: some time series evidence

We uncover a positive, empirical risk-return tradeoff in the stock market after controlling for the covariance of stock market returns with the value premium. The underlying premise is that, as conjectured by Fama and French (1996), the value premium is a proxy for time-varying investment opportunities. By ignoring the value premium, early specifications suffer from an omitted variable problem that leads to a downward bias in the estimate of the risk-return tradeoff. The paper also documents a new finding on a significantly positive relation between the value premium and its conditional variance.Time-series analysis ; Stocks

Three-Leaf Dart-Shaped Single-Crystal BN Formation Promoted by Surface Oxygen

Two-dimensional hexagonal boron nitride (h-BN) single crystals with various shapes have been synthesized by chemical vapor deposition over the past several years. Here we report the formation of three-leaf dart (3LD)-shaped single crystals of h-BN on Cu foil by atmospheric-pressure chemical vapor deposition. The leaves of the 3LD-shaped h-BN are as long as 18 {\mu}m and their edges are smooth armchair on one side and stepped armchair on the other. Careful analysis revealed that surface oxygen plays an important role in the formation of the 3LD shape. Oxygen suppressed h-BN nucleation by passivating Cu surface active sites and lowered the edge attachment energy, which caused the growth kinetics to change to a diffusion-controlled mode.Comment: 7 pages,6 figure

Entanglement reciprocation between atomic qubits and entangled coherent state

Introducing classical fields, we can transfer entanglement completely from discrete qubits into entangled coherent state. The entanglement also can be retrieved from the continuous-variable state of the cavities to the atomic qubits. Via postselection measure, atomic entangled state and entangled coherent state can be mutual transformed fully.Comment: 5 pages, 3 fighres. accepted by J Phys