On the Sluggish Response of Prices to Money in an Inventory-Theoretic Model of Money Demand

We exposit the link between money, velocity and prices in an inventory-theoretic model of the demand for money and explore the extent to which such a model can account for the short-run volatility of velocity, the negative correlation of velocity and the ratio of money to consumption, and the resulting stickiness' of the aggregate price level relative to a benchmark model with constant velocity. We find that an inventory-theoretic model of the demand for money is a natural framework for understanding these aspects of the dynamics of money, velocity and prices in the short run.

Urban Air Mobility Market Study

The Booz Allen Team explored market size and potential barriers to Urban Air Mobility (UAM) by focusing on three potential markets – Airport Shuttle, Air Taxi, and Air Ambulance. We found that the Airport Shuttle and Air Taxi markets are viable, with a significant total available market value in the U.S. of $500 billion, for a fully unconstrained scenario. In this unconstrained best-case scenario, passengers would have the ability to access and fly a UAM at any time, from any location to any destination, without being hindered by constraints such as weather, infrastructure, or traffic volume. Significant legal and regulatory, weather, certification, public perception, and infrastructure constraints exist, which reduce the market potential for these applications to only about 0.5$2.5 billion, in the near term. However, we determined that these constraints can be addressed through ongoing intra-governmental partnerships, government and industry collaboration, strong industry commitment, and existing legal and regulatory enablers. We found that the Air Ambulance market is not a viable market if served by electric vertical takeoff and landing (eVTOL) vehicles due to technology constraints but may potentially be viable if a hybrid VTOL aircraft are utilized

The African Lungfish (\u3cem\u3eProtopterus dolloi\u3c/em\u3e): Ionoregulation and Osmoregulation in a Fish out of Water

Although urea production and metabolism in lungish have been thoroughly studied, we have little knowledge of how internal osmotic and electrolyte balance are controlled during estivation or in water. We tested the hypothesis that, compared with the body surface of teleosts, the slender African lungfish (Protopterus dolloi) body surface was relatively impermeable to water, Na+ and Cl- due to its greatly reduced gills. Accordingly, we measured the tritiated water (3H-H2O) flux in P. dolloi in water and during air exposure. In water, 3H-H2O efflux was comparable with the lowest measurements reported in freshwater teleosts, with a rate constant (K) of 17.6% body water h-1. Unidirectional ion fluxes, measured using 22Na+ and 36Cl-, indicated that Na+ and Cl- influx was more than 90% lower than values reported in most freshwater teleosts. During air exposure, a cocoon formed within 1 wk that completely covered the dorsolateral body surface. However, there were no disturbances to blood osmotic or ion (Na+, Cl-) balance, despite seven- to eightfold increases in plasma urea after 20 wk. Up to 13-fold increases in muscle urea (on a dry-weight basis) were the likely explanation for the 56% increase in muscle water content observed after 20 wk of air exposure. The possibility that muscle acted as a “water reservoir” during air exposure was supported by the 20% decline in body mass observed during subsequent reimmersion in water. This decline in body mass was equivalent to 28 mL water in a 100-g animal and was very close to the calculated net water gain (approximately 32 mL) observed during the 20-wk period of air exposure. Tritiated water and unidirectional ion fluxes on air-exposed lungfish revealed that the majority of water and ion exchange was via the ventral body surface at rates that were initially similar to aquatic rates. The 3H-H2O flux declined over time but increased upon reimmersion. We conclude that the slender lungfish body surface, including the gills, has relatively low permeability to water and ions but that the ventral surface is an important site of osmoregulation and ionoregulation. We further propose that an amphibian-like combination of ventral skin water and ion permeability, plus internal urea accumulation during air exposure, allows P. dolloi to extract water from its surroundings and to store water in the muscle when the water supply becomes limited

Bridge Construction Monitoring using LIDAR for Quantified, Objective Quality-Control Quality-Assurance (QOQCQA)

Transportation infrastructure construction quality control and quality assurance demands construction monitoring by field inspectors. Currently, these inspectors monitor infrastructure by measuring and photographing structures. These tasks allow them to assess any correction decision during construction or to inform about the quality of the construction process for the future. In order to promote and objective decisions obtained during infrastructure construction, the proposed research project developed and implemented a methodology to measure construction progress and compared it with the designed 3D shape, quantifying the difference. This proposed project includes implementation for the development of DOT standards that could be added in near future bridge construction documents. The New Mexico Department of Transportation (NMDOT) showed a strong interest in this topic. The experience of the PIs on bridge design and construction, field inspection, and LIDAR technology was integrated in order to evaluate the results with impact both in research and in industry. Specifically, the research results outline recommendations about standards for implementation of technology in specifications for NMDOT or other DOTs

Exact Completeness of LP Hierarchies for Linear Codes

Determining the maximum size $A_2(n,d)$ of a binary code of blocklength $n$ and distance $d$ remains an elusive open question even when restricted to the important class of linear codes. Recently, two linear programming hierarchies extending Delsarte's LP were independently proposed to upper bound $A_2^{\text{Lin}}(n,d)$ (the analogue of $A_2(n,d)$ for linear codes). One of these hierarchies, by the authors, was shown to be approximately complete in the sense that the hierarchy converges to $A_2^{\text{Lin}}(n,d)$ as the level grows beyond $n^2$. Despite some structural similarities, not even approximate completeness was known for the other hierarchy by Loyfer and Linial. In this work, we prove that both hierarchies recover the exact value of $A_2^{\text{Lin}}(n,d)$ at level $n$. We also prove that at this level the polytope of Loyfer and Linial is integral.Even though these hierarchies seem less powerful than general hierarchies such as Sum-of-Squares, we show that they have enough structure to yield exact completeness via pseudoprobabilities.Comment: 19 page

A Complete Linear Programming Hierarchy for Linear Codes

A longstanding open problem in coding theory is to determine the best (asymptotic) rate $R_2(\delta)$ of binary codes with minimum constant (relative) distance $\delta$. An existential lower bound was given by Gilbert and Varshamov in the 1950s. On the impossibility side, in the 1970s McEliece, Rodemich, Rumsey and Welch (MRRW) proved an upper bound by analyzing Delsarte's linear programs. To date these results remain the best known lower and upper bounds on $R_2(\delta)$ with no improvement even for the important class of linear codes. Asymptotically, these bounds differ by an exponential factor in the blocklength. In this work, we introduce a new hierarchy of linear programs (LPs) that converges to the true size $A^{\text{Lin}}_2(n,d)$ of an optimum linear binary code (in fact, over any finite field) of a given blocklength $n$ and distance $d$. This hierarchy has several notable features: (i) It is a natural generalization of the Delsarte LPs used in the first MRRW bound. (ii) It is a hierarchy of linear programs rather than semi-definite programs potentially making it more amenable to theoretical analysis. (iii) It is complete in the sense that the optimum code size can be retrieved from level $O(n^2)$. (iv) It provides an answer in the form of a hierarchy (in larger dimensional spaces) to the question of how to cut Delsarte's LP polytopes to approximate the true size of linear codes. We obtain our hierarchy by generalizing the Krawtchouk polynomials and MacWilliams inequalities to a suitable "higher-order" version taking into account interactions of $\ell$ words. Our method also generalizes to translation schemes under mild assumptions.Comment: 58 page