Vintage Capital and the Dynamics of the AK Model

This paper analyzes the equilibrium dynamics of an AK-type endogenous growth model with vintage capital. The inclusion of vintage capital leads to oscillatory dynamics governed by replacement echoes, which additionally influence the intercept of the balanced growth path. These features, which are in sharp contrast to those from the standard AK model, can contribute to explaining the short-run deviations observed between investment and growth rates time series. To characterize the convergence properties and the dynamics of the model we develop analytical and numerical methods that should be of interest for the general resolution of endogenous growth models with vintage capital.

Endogenous growth and wave-like business fluctuations

This paper argues that observed long lags in innovation implementation rationalize Schumpeter's statement that “wave-like fluctuations in business ... are the form economic development takes in the era of capitalism.” Adding implementation delays to an otherwise standard endogenous growth model with expanding product variety, the equilibrium path admits a Hopf bifurcation where consumption, R&D and output permanently fluctuate. This mechanism is quantitatively consistent with the observed medium-term movements of US aggregate output. In this framework, an optimal allocation may be restored at equilibrium by the mean of a procyclical subsidy, needed to generate additional consumption smoothing. Finally, a procyclical R&D subsidy rate designed to half consumption fluctuations will increase the growth rate from 2.4% to 3.4% with a 9.6% (compensation equivalent) increase in welfare

The nucleus of 103P/Hartley 2, target of the EPOXI mission

103P/Hartley 2 was selected as the target comet for the Deep Impact extended mission, EPOXI, in October 2007. There have been no direct optical observations of the nucleus of this comet, as it has always been highly active when previously observed. We aimed to recover the comet near to aphelion, to a) confirm that it had not broken up and was in the predicted position, b) to provide astrometry and brightness information for mission planning, and c) to continue the characterisation of the nucleus. We observed the comet at heliocentric distances between 5.7 and 5.5 AU, using FORS2 at the VLT, at 4 epochs between May and July 2008. We performed VRI photometry on deep stacked images to look for activity and measure the absolute magnitude and therefore estimate the size of the nucleus. We recovered the comet near the expected position, with a magnitude of m_R = 23.74 \pm 0.06 at the first epoch. The comet had no visible coma, although comparison of the profile with a stellar one showed that there was faint activity, or possibly a contribution to the flux from the dust trail from previous activity. This activity appears to fade at further epochs, implying that this is a continuation of activity past aphelion from the previous apparition rather than an early start to activity before the next perihelion. Our data imply a nucleus radius of \le 1 km for an assumed 4% albedo; we estimate a ~6% albedo. We measure a colour of (V-R) = 0. 26 \pm 0.09.Comment: 5 pages, 4 figures, accepted for publication in A&

Testing the comet nature of main belt comets. The spectra of 133P/Elst-Pizarro and 176P/LINEAR

We present the visible spectrum of MBCs 133P/Elst-Pizarro and 176P/LINEAR, as well as three Themis family asteroids: (62) Erato, (379), Huenna and (383) Janina, obtained in 2007 using three telescopes at "El Roque de los Muchachos"' Observatory, in La Palma, Spain, and the 8m Kueyen (UT2) VLT telescope at Cerro Paranal, Chile. The spectra of 133P and 176P resemble best those of B-type asteroid and are very similar to those of Themis family members and are significantly different from the spectrum of comet 162P/Siding-Spring and most of the observed cometary nuclei. CN gas emission is not detected in the spectrum of 133P. We determine an upper limit for the CN production rate Q(CN) = $= 2.8 \times 10^{21}$ mol/s, three orders of magnitude lower than the Q(CN) of Jupiter family comets observed at similar heliocentric distances. The spectra of 133P/Elst-Pizarro and 176P/LINEAR confirm that they are likely members of the Themis family of asteroids, fragments that probably retained volatiles, and unlikely have a cometary origin in the trans-neptunian belt or the Oort cloud.Comment: Paper sumbmited to A&A. 7 pages and 6 figure

Water-ice driven activity on Main-Belt Comet P/2010 A2 (LINEAR) ?

The dust ejecta of Main-Belt Comet P/2010 A2 (LINEAR) have been observed with several telescopes at the at the Observatorio del Roque de los Muchachos on La Palma, Spain. Application of an inverse dust tail Monte Carlo method to the images of the dust ejecta from the object indicates that a sustained, likely water-ice driven, activity over some eight months is the mechanism responsible for the formation of the observed tail. The total amount of dust released is estimated to be 5E7 kg, which represents about 0.3% of the nucleus mass. While the event could have been triggered by a collision, this cannot be decided from the currently available data.Comment: Accepted for ApJ Letter

Seasonal and interannual variability of cladoceran communities in two peri-alpine lakes: uncoupled response to the 2003 heat wave

Seasonal and interannual dynamics of cladoceran species were analyzed during the period 1995–2003 in two deep peri-alpine lakes morphologically different but subjected to similar regional climatic forcing. The seasonal succession of cladoceran species was characterized and the impact of extreme climatic events on the annual pattern of species succession was assessed. Using a multivariate method, we show that the cladoceran species display marked seasonality patterns that differed in the two lakes. The differences observed between the lakes were driven by their trophic state, the plankton species composition and the abundance of predators. We show that the sensitivity of the annual pattern of species succession to extreme weather changes, illustrated by the 2003 heat wave, differs markedly in these two lakes. In Lake Annecy, the annual pattern of cladoceran succession observed in 2003 is not different from the one usually observed. In contrast, in Lake Geneva, the annual pattern recorded in 2003 is unusual and characterized by the maintenance of herbivorous cladocera during summer. These findings underline the need to consider the morphology of lakes and trophic state in the assessment of ecological responses to global warming. Our results contribute to the debate about the predictability of the impacts of climate change on aquatic ecosystems, and their extrapolation from one site to another

P/2010 A2 LINEAR II: dynamical dust modelling

P/2010 A2 is an object on an asteroidal orbit that was observed to have an extended tail or debris trail in January 2010. In this work, we fit the outburst of P/2010 A2 with a conical burst model, and verify previous suspicions that this was a one--time collisional event rather than an sustained cometary outburst, implying that P/2010 A2 is not a new Main Belt Comet driven by ice sublimation. We find that the best--fit cone opening angle is about 40 to 50 degrees, in agreement with numerical and laboratory simulations of cratering events. Mapping debris orbits to sky positions suggests that the distinctive arc features in the debris correspond to the same debris cone inferred from the extended dust. From the velocity of the debris, and from the presence of a velocity maximum at around 15 cm/s, we infer that the surface of A2 probably has a very low strength (<1 kPa), comparable to lunar regolith.Comment: 14 pages, 25 figures; accepted by Astronomy and Astrophysic

The visible and near-infrared spectra of asteroids in cometary orbits

We study the visible and near-infrared (NIR) spectral properties of different ACO populations and compare them to the independently determined properties of comets. We select our ACOs sample based on published dynamical criteria and present our own observational results obtained using the 10.4m Gran Telescopio Canarias (GTC), the 4.2m William Herschel Telescope (WHT), the 3.56m Telescopio Nazionale Galileo (TNG), and the 2.5m Isaac Newton Telescope (INT), all located at the El Roque de los Muchachos Observatory (La Palma, Spain), and the 3.0m NASA Infrared Telescope Facility (IRTF), located at the Mauna Kea Observatory, in Hawaii. We include in the analysis the spectra of ACOs obtained from the literature. We derive the spectral class and the visible and NIR spectral slopes. We also study the presence of hydrated minerals by studying the 0.7 $\mu$m band and the UV-drop below 0.5 $\mu$m associated with phyllosilicates. We present new observations of 17 ACOs, 11 of them observed in the visible, 2 in the NIR and 4 in the visible and NIR. We also discuss the spectra of 12 ACOs obtained from the literature. All but two ACOs have a primitive-like class spectrum (X or D-type). Almost 100\% of the ACOs in long-period cometary orbits (Damocloids) are D-types. Those in Jupiter family comet orbits (JFC-ACOs) are $\sim$ 60\% D-types and $\sim$ 40\% X-types. The mean spectral slope $S'$ of JFC-ACOs is 9.7 $\pm$ 4.6 \%/1000 \AA \ and for the Damocloids this is 12.2 $\pm$ 2.0 \%/1000 \AA . No evidence of hydration on the surface of ACOs is found from their visible spectra. The slope and spectral class distribution of ACOs is similar to that of comets. The spectral classification, the spectral slope distribution of ACOs, and the lack of spectral features indicative of the presence of hydrated minerals on their surface, strongly suggest that ACOs are likely dormant or extinct comets.Comment: 11 pages, 10 Figures, published in A&

Technology, Market Structure and the Gains from Trade

We study the gains from trade in a new model with oligopolistic competition, firm heterogeneity, and innovation. Lowering trade costs reduces markups on domestic sales but increases markups on export sales, as firms do not pass the entire reduction in trade costs onto foreign consumers. Trade liberalisation can also reduce the number of firms competing in each market, thereby increasing markups on both domestic and export sales. For the majority of exporters, however, the procompetitive effect prevails and their avera ge markups decline. The incomplete pass-though and the reduction in the number of competitors instead dominate for top-exporters – the top 0:1% of firms which end up increasing their markup. In a quantitative exercise we find that the aggregate effect of trade-induced markup changes is pro-competitive and accounts for the majority of the welfare gains from trade. Trade-induced changes in competition affect survival on domestic and export markets and firms’ decision to innovate. All exporters, and especially the top exporters, increase their market size after liberalisation which, in turn, encourages them to innovate more. Hence, top exporters contribute negatively to welfare gains by increasing their markups but positively by increasing innovation and productivity. Firms’ innovation response accounts for a small but non-negligible share of the welfare gains while the contribution of selection is U-shaped, being negative for small liberalisations and positive otherwise. A more globalised economy is therefore populated by larger, fewer and more innovative firms, each feature representing an important source of the gains from trade

Near-Earth asteroids spectroscopic survey at Isaac Newton Telescope

The population of near-Earth asteroids (NEAs) shows a large variety of objects in terms of physical and dynamical properties. They are subject to planetary encounters and to strong solar wind and radiation effects. Their study is also motivated by practical reasons regarding space exploration and long-term probability of impact with the Earth. We aim to spectrally characterize a significant sample of NEAs with sizes in the range of $\sim$0.25 - 5.5 km (categorized as large), and search for connections between their spectral types and the orbital parameters. Optical spectra of NEAs were obtained using the Isaac Newton Telescope (INT) equipped with the IDS spectrograph. These observations are analyzed using taxonomic classification and by comparison with laboratory spectra of meteorites. A total number of 76 NEAs were observed. We classified 44 of them as Q/S-complex, 16 as B/C-complex, eight as V-types, and another eight belong to the remaining taxonomic classes. Our sample contains 27 asteroids categorized as potentially hazardous and 31 possible targets for space missions including (459872) 2014 EK24, (436724) 2011 UW158, and (67367) 2000 LY27. The spectral data corresponding to (276049) 2002 CE26 and (385186) 1994 AW1 shows the 0.7 $\mu$m feature which indicates the presence of hydrated minerals on their surface. We report that Q-types have the lowest perihelia (a median value and absolute deviation of $0.797\pm0.244$ AU) and are systematically larger than the S-type asteroids observed in our sample. We explain these observational evidences by thermal fatigue fragmentation as the main process for the rejuvenation of NEA surfaces. In general terms, the taxonomic distribution of our sample is similar to the previous studies and matches the broad groups of the inner main belt asteroids. Nevertheless, we found a wide diversity of spectra compared to the standard taxonomic types.Comment: Accepted in Astronomy & Astrophysics (A&A