The Territorial Exception to the Act of State Doctrine: Application to French Nationalization

This Note reaches the contrary conclusion that the French nationalization of American subsidiaries fits within the territorial exception to the act of state doctrine

Can a Turing Player identify itself?

We show that the problem of whether two Turing Machines are functionally equivalent is undecidable and explain why this is significant for the theory of repeated play and evolution

The Impact of Social Policy and Economic Activity Throughout the Fertility Decision Tree

This paper considers the impact of changes in abortion and welfare policies along with economic conditions over the 1985 to 1996 period at each stage of the fertility decision tree, including sexual activity, contraception, pregnancy, abortion, and birth. Examining the impact of policy at each stage of the decision tree represents a useful approach because consistent findings provide stronger evidence of a causal link than focusing on just one stage. The abortion policies considered are parental involvement laws and mandatory waiting periods; welfare policies include benefit generosity as well as state-level welfare waivers as a whole and the 'family cap.' State-level data over this period are used to examine abortion, birth, and pregnancy outcomes, while microdata from the 1988 and 1995 National Surveys of Family Growth are employed to examine sexual activity and contraception. For those policies that target certain subgroups of the population, estimates are provided separately for each group and compared to help further identify causality. I find that parental involvement laws increase contraception use among minors, leading to fewer pregnancies and, therefore, fewer abortions; teen births do not rise in response. Evidence regarding welfare policies does not consistently support any impact throughout the decision tree.

Development of a ferromagnetic rotary vacuum sealed spacecraft spin fixture

A number of successful spacecraft tests were conducted on an environmental spin fixture which utilizes a ferrofluidic rotary vacuum seal. The 27 cm (10.5 inch) diameter fixture drive shaft supports and spins communications satellites during flight acceptance testing in a thermal vacuum chamber. The drive shaft rotary seal serves to maintain the canned drive system electro-mechanical components at ambient pressure within the space simulator. The ferromagnetic fluid seal was chosen over conventional mechanical sealing devices for its zero-leakage, zero-wear, and minimum friction drag characteristics, as well as its high reliability potential

Imperfection Information, Optimal Monetary Policy and Informational Consistency

This paper examines the implications of imperfect information (II) for optimal monetary policy with a consistent set of informational assumptions for the modeller and the private sector an assumption we term the informational consistency. We use an estimated simple NK model from Levine et al. (2012), where the assumption of symmetric II significantly improves the fit of the model to US data to assess the welfare costs of II under commitment, discretion and simple Taylor-type rules. Our main results are: first, common to all information sets we find significant welfare gains from commitment only with a zero-lower bound constraint on the interest rate. Second, optimized rules take the form of a price level rule, or something very close across all information cases. Third, the combination of limited information and a lack of commitment can be particularly serious for welfare. At the same time we find that II with lags introduces a ‘tying ones hands’ effect on the policymaker that may improve welfare under discretion. Finally, the impulse response functions under our most extreme imperfect information assumption (output and inflation observed with a two-quarter delay) exhibit hump-shaped behaviour and the fiscal multiplier is significantly enhanced in this case

Expected Changes in the Workforce and Implications for Labor Markets

[Excerpt] While many have written about possible effects of the baby boom on the U.S. economy, few have recognized that this demographic transition provides analysts with a unique and valuable opportunity to investigate how the labor market works. Specifically, as baby boomers move up the age distribution, they impart a one-time shock to the supply of potential workers in each age bracket. Because this change is exogenous, many of the tools labor economists typically apply can be utilized to predict how the aging of the baby boom will alter key labor market outcomes. Theoretical and empirical models which (either implicitly or explicitly) hold constant structural parameters in order to work through the effects of an exogenous shock are well-suited to address this issue

Abortion as Insurance

This paper views abortion access as an insurance policy that protects women from unwanted pregnancies. Within this framework, we present a theoretical model where greater access provides value in the form of insurance against unwanted births and also reduces the incentive to avoid pregnancy. This model predicts that legalized abortion should lead to a reduction in the likelihood of giving birth. It also predicts that if abortion access becomes relatively inexpensive (including both monetary and psychic costs), then pregnancies would rise and births would remain unchanged or may even rise as well. We review the evidence on the impact of changes in abortion policy mainly from the United States and find support for both predictions. Then we test these hypotheses using recent changes in abortion policy in several Eastern European countries. We find that countries which changed from very restrictive to liberal abortion laws experienced a large reduction in births, highlighting the insurance value. Changes from modest restrictions to abortion available upon request, however, led to no such change in births despite large increases in abortions, indicating that pregnancies rose as well. These findings are consistent with the incentive effect implications of our model.

Tortuosity of lightning return stroke channels

Data obtained from photographs of lightning are presented on the tortuosity of return stroke channels. The data were obtained by making piecewise linear fits to the channels, and recording the cartesian coordinates of the ends of each linear segment. The mean change between ends of the segments was nearly zero in the horizontal direction and was about eight meters in the vertical direction. Histograms of these changes are presented. These data were used to create model lightning channels and to predict the electric fields radiated during return strokes. This was done using a computer generated random walk in which linear segments were placed end-to-end to form a piecewise linear representation of the channel. The computer selected random numbers for the ends of the segments assuming a normal distribution with the measured statistics. Once the channels were simulated, the electric fields radiated during a return stroke were predicted using a transmission line model on each segment. It was found that realistic channels are obtained with this procedure, but only if the model includes two scales of tortuosity: fine scale irregularities corresponding to the local channel tortuosity which are superimposed on large scale horizontal drifts. The two scales of tortuosity are also necessary to obtain agreement between the electric fields computed mathematically from the simulated channels and the electric fields radiated from real return strokes. Without large scale drifts, the computed electric fields do not have the undulations characteristics of the data