Classical Business Cycles in America: Are National Business Cycles Synchronised?

This paper provides further evidence on the synchronization between business cycle regimes in seven American countries by using a classical business cycles approach. Despite recent increasing international economic transactions within this continent, our results suggest that national business cycles are largely idiosyncratic, except for the United States and Canada. Thus, international coordination of macroeconomic policies may not be effective, at least in the short-run. Also, as a by product, we find evidence of asymmetries between expansions and recessions in mean, volatility and duration in most countries.Business cycle regimes, international synchronization, North America, South America

Schwinger's oscillator method, supersymmetric quantum mechanics and massless particles

We consider the Schwinger's method of angular momentum addition using the SU(2) algebra with both a fermionic and a bosonic oscillator. We show that the total spin states obtained are: one boson singlet state and an arbitrary number of spin-1/2 states, the later ones are energy degenerate. It means that we have in this case supersymmetric quantum mechanics and also the addition of angular momentum for massless particles. We review too the cases of two bosonic and fermionic oscillators.Comment: 11 pages,RevTe

Inter-Center Retail Externalities

This paper empirically examines inter-center externalities in regional shopping centers. Specifically, we use a non-linear retail share model to measure the impact that department store size and image in subject and competitive centers have on subject center in-line retail sales. Our findings reveal that department store size and image attributes have a significant and non-linear impact on subject center sales. More importantly, the results show that the effect of department store fashion image dominates that of department store size

Availability of Credit and Loan Default: A Look at the Commercial Mortgage Supply Cycle

This study uses a structural equation approach to assess the presence of a credit supply effect in the commercial mortgage market and the lenders' ability to incorporate expectations about this effect into their lending policies. A credit supply effect is defined as the effect of mortgage supply on the level of loan defaults. The empirical analysis shows two important results. First, changes in loan defaults appear to be followed by changes in commercial mortgage supply with a lag of approximately four to five years. Second, lenders tend to behave myopically, failing to incorporate expectations about the credit supply effect into their lending policies. Additionally, a simulation suggests that adequate timing of the mortgage supply cycle is crucial in limiting the incidence of mortgage default.

Strategic use of CSR as a signal for good management

More than thirty years of research exploring the link between corporate social responsibility (CSR) and corporate financial performance (CFP) could not provide a satisfying resolution to the tension exists between economic and social objectives. In this paper, we have contributed to the existing CSR literature both theoretically and empirically. On the theoretical side, we challenged the assumption that managers consider all stakeholders equally important and we contend that managers prioritize stakeholders instead. We also extend agency theory by suggesting that CSR may actually reduce monitoring costs since it has informative value about the quality of management.

Expansion in high dimension for the growth constants of lattice trees and lattice animals

We compute the first three terms of the 1/d expansions for the growth constants and one-point functions of nearest-neighbour lattice trees and lattice (bond) animals on the integer lattice Zd, with rigorous error estimates. The proof uses the lace expansion, together with a new expansion for the one-point functions based on inclusion-exclusion.Comment: 38 pages, 8 figures. Added section 6 to obtain the first term in the expansion, making the present paper more self-contained with very little change to the structure of the original paper. Accepted for publication in Combinatorics Probability and Computin

A Photoreceptor Model that Replicates Human Light Adaptation Characteristics

Whitehall (593-24); Office of Naval Research (N00014-95-1-0409); Universidad Nacional Autonoma de Mexico (Graduate Fellowship

Heat Transport in Quantum Spin Chains: Stochastic Baths vs Quantum Trajectories

We discuss the problem of heat conduction in quantum spin chain models. To investigate this problem it is necessary to consider the finite open system connected to heat baths. We describe two different procedures to couple the system with the reservoirs: a model of stochastic heat baths and the quantum trajectories solution of the quantum master equation. The stochastic heat bath procedure operates on the pure wave function of the isolated system, so that it is locally and periodically collapsed to a quantum state consistent with a boundary nonequilibrium state. In contrast, the quantum trajectories procedure evaluates ensemble averages in terms of the reduced density matrix operator of the system. We apply these procedures to different models of quantum spin chains and numerically show their applicability to study the heat flow.Comment: 13 pages, 5 figures, submitted to European Physics Journal Special Topic