Aggregate Implications of a Credit Crunch

We take an off-the-shelf model with financial frictions and heterogeneity, and study the mapping from a credit crunch, modeled as a shock to collateral constraints, to simple aggregate wedges. We study three variants of this model that only differ in the form of underlying heterogeneity. We find that in all three model variants a credit crunch shows up as a different wedge: efficiency, investment, and labor wedges. Furthermore, all three model variants have an undistorted Euler equation for the aggregate of firm owners. These results highlight the limitations of using representative agent models to identify sources of business cycle fluctuations.

Double-diffusive erosion of the core of Jupiter

We present Direct Numerical Simulations of the transport of heat and heavy elements across a double-diffusive interface or a double-diffusive staircase, in conditions that are close to those one may expect to find near the boundary between the heavy-element rich core and the hydrogen-helium envelope of giant planets such as Jupiter. We find that the non-dimensional ratio of the buoyancy flux associated with heavy element transport to the buoyancy flux associated with heat transport lies roughly between 0.5 and 1, which is much larger than previous estimates derived by analogy with geophysical double-diffusive convection. Using these results in combination with a core-erosion model proposed by Guillot et al. (2004), we find that the entire core of Jupiter would be eroded within less than 1Myr assuming that the core-envelope boundary is composed of a single interface. We also propose an alternative model that is more appropriate in the presence of a well-established double-diffusive staircase, and find that in this limit a large fraction of the core could be preserved. These findings are interesting in the context of Juno's recent results, but call for further modeling efforts to better understand the process of core erosion from first principles.Comment: Accepted for publication in Ap

Development during adolescence of the neural processing of social emotion

In this fMRI study, we investigated the development between adolescence and adulthood of the neural processing of social emotions. Unlike basic emotions (such as disgust and fear), social emotions (such as guilt and embarrassment) require the representation of another's mental states. Nineteen adolescents (10–18 years) and 10 adults (22–32 years) were scanned while thinking about scenarios featuring either social or basic emotions. In both age groups, the anterior rostral medial prefrontal cortex (MPFC) was activated during social versus basic emotion. However, adolescents activated a lateral part of the MPFC for social versus basic emotions, whereas adults did not. Relative to adolescents, adults showed higher activity in the left temporal pole for social versus basic emotions. These results show that, although the MPFC is activated during social emotion in both adults and adolescents, adolescents recruit anterior (MPFC) regions more than do adults, and adults recruit posterior (temporal) regions more than do adolescents

Photoacoustic detection of stimulated emission pumping in p-difluorobenzene

Photoacoustic detection has been used to monitor a stimulated emission pumping process in p‐difluorobenzene. Using the Ã^(1)B_(2u)5^1 state as an intermediate, several vibrational levels of the ground electronic state were populated. The photoacoustic method is an attractive alternative to other detection techniques because of its sensitivity, simplicity, and its ability to differentiate between stimulated emission pumping and excited state absorption. An example of excited state absorption in aniline is given

A map on the space of rational functions

We describe dynamical properties of a map $\mathfrak{F}$ defined on the space of rational functions. The fixed points of $\mathfrak{F}$ are classified and the long time behavior of a subclass is described in terms of Eulerian polynomials

Negotiating the Korea-United States Free Trade Agreement

Difficult and sensitive issues will command the attention of US and Korean officials as they negotiate a bilateral free trade agreement (FTA). The United States will have to put long-standing US barriers to Korean exports of textiles, apparel, and steel on the table and resolve problems with South Korean access to the US visa waiver program. In turn, South Korea will have to open new opportunities for US goods and services, including autos, beef, and rice. Such a deal will pose a stiff political challenge for Korean officials. However, they will be under pressure in any event to reform their farm programs--either in the context of a final deal in the WTO talks or in response to Chinese initiatives in the region, which Korea will need to match. Both Korea and the United States also have important foreign policy interests in the FTA, particularly enhanced security on the Korean peninsula. South Korea would like the FTA to promote the policy of constructive engagement with North Korea, which the former has been pursuing by extending trade preferences to goods produced in the Kaesong industrial complex in North Korea. However, such a request would put the entire negotiation in jeopardy since the US Congress would reject preferences for the North Korean regime.

Telluric correction in the near-infrared: Standard star or synthetic transmission?

Context. The atmospheric absorption of the Earth is an important limiting factor for ground-based spectroscopic observations and the near-infrared and infrared regions are the most affected. Several software packages that produce a synthetic atmospheric transmission spectrum have been developed to correct for the telluric absorption; these are Molecfit, TelFit, and TAPAS. Aims. Our goal is to compare the correction achieved using these three telluric correction packages and the division by a telluric standard star. We want to evaluate the best method to correct near-infrared high-resolution spectra as well as the limitations of each software package and methodology. Methods. We applied the telluric correction methods to CRIRES archival data taken in the J and K bands. We explored how the achieved correction level varies depending on the atmospheric T-P profile used in the modelling, the depth of the atmospheric lines, and the molecules creating the absorption. Results. We found that the Molecfit and TelFit corrections lead to smaller residuals for the water lines. The standard star method corrects best the oxygen lines. The Molecfit package and the standard star method corrections result in global offsets always below 0.5% for all lines; the offset is similar with TelFit and TAPAS for the H2O lines and around 1% for the O2 lines. All methods and software packages result in a scatter between 3% and 7% inside the telluric lines. The use of a tailored atmospheric profile for the observatory leads to a scatter two times smaller, and the correction level improves with lower values of precipitable water vapour. Conclusions. The synthetic transmission methods lead to an improved correction compared to the standard star method for the water lines in the J band with no loss of telescope time, but the oxygen lines were better corrected by the standard star method.Comment: 18 pages, 13 figures, Accepted to A&

Sparse Inertial Poser: Automatic 3D Human Pose Estimation from Sparse IMUs

We address the problem of making human motion capture in the wild more practical by using a small set of inertial sensors attached to the body. Since the problem is heavily under-constrained, previous methods either use a large number of sensors, which is intrusive, or they require additional video input. We take a different approach and constrain the problem by: (i) making use of a realistic statistical body model that includes anthropometric constraints and (ii) using a joint optimization framework to fit the model to orientation and acceleration measurements over multiple frames. The resulting tracker Sparse Inertial Poser (SIP) enables 3D human pose estimation using only 6 sensors (attached to the wrists, lower legs, back and head) and works for arbitrary human motions. Experiments on the recently released TNT15 dataset show that, using the same number of sensors, SIP achieves higher accuracy than the dataset baseline without using any video data. We further demonstrate the effectiveness of SIP on newly recorded challenging motions in outdoor scenarios such as climbing or jumping over a wall.Comment: 12 pages, Accepted at Eurographics 201