3,744 research outputs found

    The Interaction of Inflation and Financial Development with Endogenous Growth

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    A cash-in-advance, endogenous growth, economy defines financial development within a banking sector production function as the degree of scale economies for normalized capital and labor. Less financially developed economies have smaller such returns to scale, and can be credit constrained endogenously by a steeply sloping marginal cost of credit supply. The degree of scale economies uniquely determines the marginal cost curvature and the unit cost of financial intermedition, which is expressed in terms of an interest differential. The interest differential result allows for calibration of the finance production function using industry data. A hypothesis of how financial development interacts with inflation and growth is tested, using fixed effects panel estimation with endogeneity tests, dynamic panel estimation, and an extended use of multiple inflation rate splines in estimation of the growth rateInflation, financial development, growth, panel data

    Young Binary Stars and Associated Disks

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    The typical product of the star formation process is a binary star. Binaries have provided the first dynamical measures of the masses of pre-main-sequence (PMS) stars, providing support for the calibrations of PMS evolutionary tracks. Surprisingly, in some star-forming regions PMS binary frequencies are higher than among main-sequence solar-type stars. The difference in PMS and main-sequence binary frequencies is apparently not an evolutionary effect; recent attention has focussed on correlations between binary frequency and stellar density or cloud temperatures. Accretion disks are common among young binary stars. Binaries with separations between 1 AU and 100 AU have substantially less submillimeter emission than closer or wider binaries, suggesting that they have truncated their disks. Evidence of dynamical clearing has been seen in several binaries. Remarkably, PMS binaries of all separations show evidence of circumstellar disks and continued accretion. This suggests that the circumstellar disks are replenished from circumbinary disks or envelopes. The frequent presence of disks suggests that planet formation can occur in binary environments, and formation of planets in wide binaries is already established by their discovery. Circumbinary disk masses around very short period binaries are ample to form planetary systems such as our own. The nature of planetary systems among the most common binaries, with separations between 10 AU and 100 AU, is less clear given the observed reduction in disk mass, though they may have disk masses adequate for the formation of terrestrial-like planets.Comment: 32 pages, including 6 Postscript figures (TeX, uses psfig.sty); to appear in "Protostars & Planets IV". Gif figures with captions and high-res Postscript color figure available at http://hven.swarthmore.edu/~jensen/preprints/ppiv.htm

    Structure and functions of intangible assets in the knowledge economy

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    The main step that should be taken is the unification of accounting and managerial approaches to intangible assets’ structure, that can be made possible via treating R&D, human and organizational capital that has been internally generated by the company as investment and add it as the supplement to company’s balance sheets

    Theoretical investigation of the side-chain mechanism of the MTO process over H-SSZ-13 using DFT and calculations

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    The side-chain mechanism of the methanol-to-olefins process over the H-SSZ-13 acidic zeolite was investigated using periodic density functional theory with corrections from highly accurate ab intio calculations on large cluster models. Hexa-, penta- and tetramethylbenzene are studied as co-catalysts for the production of ethene and propene. The highest barrier, both of ethene and propene formation, is found for the methylation of the side-chain towards the formation of an ethyl or isopropyl group. All other barriers are found to be substantially lower. This leads to a clear selectivity for ethene since the elimination of ethene with a rather low barrier competes with methylation towards propene which requires a barrier that is more than 100 kJ mol1^{-1} higher

    Influence of Confinement on Barriers for Alkoxide Formation in Acidic Zeolites

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    The influence of the confinement imposed by eight different zeotypes on the formation of the alkoxides of 13 primary alcohols is studied using dispersion corrected density functional theory calculations with the PBE‐D3 functional. Adsorption energies of the alcohols are computed along with barriers for formation of the alkoxides, which is the first step of the stepwise dehydration mechanism. We find that variations in the adsorption and transition state energies are largely governed by van der Waals interactions between substrates and the zeolite framework. Trends between different reactants, on the other hand, are largely due to the size of the molecules, which can be described quantitatively by the number of atoms constituting them. We find that the stabilization of adsorbates is largest for frameworks that are neither too small, leading to repulsive interaction, nor too spacious leading only to weak interaction

    Structural network heterogeneities and network dynamics: a possible dynamical mechanism for hippocampal memory reactivation

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    The hippocampus has the capacity for reactivating recently acquired memories [1-3] and it is hypothesized that one of the functions of sleep reactivation is the facilitation of consolidation of novel memory traces [4-11]. The dynamic and network processes underlying such a reactivation remain, however, unknown. We show that such a reactivation characterized by local, self-sustained activity of a network region may be an inherent property of the recurrent excitatory-inhibitory network with a heterogeneous structure. The entry into the reactivation phase is mediated through a physiologically feasible regulation of global excitability and external input sources, while the reactivated component of the network is formed through induced network heterogeneities during learning. We show that structural changes needed for robust reactivation of a given network region are well within known physiological parameters [12,13].Comment: 16 pages, 5 figure
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