Cancellation of divergences in N=4{\cal N}=4 SYM/Type IIB Supergravity correspondence

Using Schr\"odinger functional methods, we show that in the ${\cal N}=4$ SYM/Type IIB Supergravity correspondence the renormalisation of the boundary Newton and gravitational constants arising from bulk fields cancels when we sum over all the Kaluza-Klein modes of Supergravity. This accords with the expected finiteness of ${\cal N}=4$ SYM, and it is expected that other renormalisations cancel in a similar way.Comment: 7 page

Order 1/N3{\bf 1/N^3} corrections to the conformal anomaly of the (2,0) theory in six dimensions

Using Supergravity on $AdS_7\times S^4$ we calculate the bulk one-loop contribution to the conformal anomaly of the (2,0) theory describing $N$ coincident M5 branes. When this is added to the tree-level result, and an additional subleading order contribution calculated by Tseytlin, it gives an expression for the anomaly that interpolates correctly between the large $N$ theory and the free (2,0) tensor theory corresponding to N=1. Thus we can argue that we have identified the exact $N$-dependence of the anomaly, which may have a simple protected form valid away from the large $N$ limit.Comment: LaTeX, 9 page

AdS/CFT boundary conditions and multi-trace perturbations for fermions

Extending the results of a previous paper, we consider boundary conditions for spinor fields and other fields of non-zero spin in the AdS/CFT correspondence. We calculate the RG-flow induced by double trace perturbations dual to bulk spinor fields. For spinors there is a half-unit shift in the central charge in running from the UV to the IR, in accordance with the c-theorem.Comment: 6 pages, more refs added, discussion clarifying sign of shif

Alternative Livelihoods: Substance or Slogan?

Labor and Human Capital,

AdS/CFT boundary conditions, multi-trace perturbations, and the c-theorem

We discuss possible choices for boundary conditions in the AdS/CFT correspondence, and calculate the renormalisation group flow induced by a double-trace perturbation. In running from the UV to the IR there is a unit shift in the central charge. The discrepancy between our result and results obtained by other authors is accounted for by the discovery that there is a non-trivial flow for perturbations induced by bulk fields with masses saturating the Breitenlohner-Freedman bound.Comment: LaTeX, 10 pages, refs added, original (correct!) result restore

Demographic Change, Social Security Systems, and Savings

In theory, improvements in healthy life expectancy should generate increases in the average age of retirement, with little effect on savings rates. In many countries, however, retirement incentives in social security programs prevent retirement ages from keeping pace with changes in life expectancy, leading to an increased need for life-cycle savings. Analyzing a cross-country panel of macroeconomic data, we find that increased longevity raises aggregate savings rates in countries with universal pension coverage and retirement incentives, though the effect disappears in countries with pay-as-you-go systems and high replacement rates

Demographic Change, Social Security Systems, and Savings

In theory, improvements in health life expectancy should generate increases in the average age of retirement, with little effect on savings rates. In many countries, however, retirement incentives in social security programs prevent retirement age from keeping pace with changes in life expectancy, leading to an increased need for life-cycle savings. Analyzing a cross-country panel of macroeconomic data, we find that increased longevity raises aggregate savings rates in countries with universal pension coverage and retirement incentives, though the effect disappears in countries with pay-as-you-go systems and high replacement rates.Savings, demographic change, population economics, social security systems

Demographic Change, Social Security Systems, and Savings

In theory, improvements in healthy life expectancy should generate increases in the average age of retirement, with little effect on savings rates. In many countries, however, retirement incentives in social security programs prevent retirement ages from keeping pace with changes in life expectancy, leading to an increased need for life-cycle savings. Analyzing a cross-country panel of macroeconomic data, we find that increased longevity raises aggregate savings rates in countries with universal pension coverage and retirement incentives, though the effect disappears in countries with pay-as-you-go systems and high replacement rates.