Heuristic quantization of the cranking model

We propose a simple and systematic method to quantize the cranking model and to calculate the matrix elements of intrinsic operators entering the generalized intensity relations. An example of the application is given to show the Coriolis coupling effects for B(E3) values of the 3- octupole states in Gd isotopes.Comment: 2 pages, Latex, using epsf.sty, 1 postscript figure Talk given at the International School of Nuclear Physics, 18th. Course: "4pi High-Resolution Gamma Ray Spectroscopy and Nuclear Structure", Erice, Italy, Sep. 16-24, 199

"Hysteresis in Dynamic General Equilibrium Models with Cash-in-Advance Constraints"

In this paper, we investigate equilibrium cycles in dynamic general equilibrium models with cash-in-advance constraints. Our findings are two-fold. First, in such models, if an equilibrium cycle exists, then there also exists a continuum of equilibrium cycles in its neighborhood. Second, the limit cycle, to which a dynamic path converges, varies continuously according to the initial distribution of the money holdings. Thus, temporary shocks that affect the initial distribution have permanent effects in such models; that is, such models exhibit hysteresis. Furthermore, we also explore the logic behind the results.

"On the Role of Tax-Subsidy Scheme in Money Search Models"

This paper investigates the role of policy in money search models with divisible money. Recently, real indeterminacy of stationary equilibria has been found in both specific and general search models with divisible money. Thus if we assume the divisibility of money, it would be quite difficult to make accurate predictions of the effects of simple monetary policies. Instead, we show that some tax-subsidy schemes select a determinate efficient equilibrium. In other words, for a given efficient equilibrium and for any real number δ > 0, a certain tax-subsidy scheme induces a locally determinate equilibrium within the δ -neighborhood of the given equilibrium. Moreover, the size of the tax-subsidy can be arbitrarily small.

Cheap Talk with an Informed Receiver

This paper examines the effectiveness of cheap talk when the receiver is imperfectly informed. We show that the receiver's prior knowledge becomes an impediment to efficient communication in a model with the discrete state space: in general, the more the receiver is informed, the less information she can extract from the sender. In fact, when the receiver is as informed as the sender, no information can be conveyed via cheap talk for an arbitrarily small preference bias. This draws sharp contrast to the conventional setup where there is always a fully separating equilibrium as long as the preference bias is sufficiently small. We relate this result to issues that are critical for organizational design, such as the allocation of decision-making authority and the span of control.

"Stationary Monetary Equilibria with Strictly Increasing Value Functions and Non-Discrete Money Holdings Distributions: An Indeterminacy Result"

In this paper, we present a search model with divisible money in which there exists a continuum of monetary equilibria with strictly increasing continuous value functions and with non-discrete money holdings distributions.

On the Role of Tax-Subsidy Scheme in Money Search Models (Subsequently published in "International Economic Review" 48, 2007, 575-606. )

This paper investigates the role of policy in money search models with divisible money. Recently, real indeterminacy of stationary equilibria has been found in both specific and general search models with divisible money. Thus if we assume the divisibility of money, it would be quite difficult to make accurate predictions of the effects of simple monetary policies. Instead, we show that some tax-subsidy schemes select a determinate efficient equilibrium. In other words, for a given efficient equilibrium and for any real number ? > 0, a certain tax-subsidy scheme induces a locally determinate equilibrium within the ? -neighborhood of the given equilibrium. Moreover, the size of the tax-subsidy can be arbitrarily small.

"Real Indeterminacy of Stationary Equilibria in Matching Models with Media of Exchange"

In this paper, it is shown that real indeterminacy of stationary equilibria generically arises in most matching models with perfectly divisible media of exchange. In other words, the real indeterminacy follows from the condition for stationarity of holdings of media of exchange. Moreover, we present a new technique to prove the existence of stationary equilibria; especially, it is applicable to the case that both money and goods are perfectly divisible.

"A Dynamic General Equilibrium Model with Centralized Auction Markets"

A conventional wisdom in economics is that a model dealing frictionless markets with a large number of agents always yields a Walrasian outcome. In this paper we assess the above argument in a dynamic framework by modeling centralized auction markets, and show that in such markets the outcomes are not necessarily Walrasian; the set of stationary equilibria in our model is a continuum which includes the Walrasian equilibrium. Moreover, we also buildamodelondecentralized auction markets and obtain similar results.

Sub-millimetre galaxies in cosmological hydrodynamic simulations: Source number counts and the spatial clustering

We use large cosmological Smoothed-Particle-Hydrodynamics simulations to study the formation and evolution of sub-millimetre galaxies (SMGs). In our previous work, we studied the statistical properties of ultra-violet selected star-forming galaxies at high redshifts. We populate the same cosmological simulations with SMGs by calculating the reprocess of stellar light by dust grains into far-infrared to millimetre wavebands in a self-consistent manner. We generate light-cone outputs to compare directly the statistical properties of the simulated SMGs with available observations. Our model reproduces the submm source number counts and the clustering amplitude. We show that bright SMGs with flux $S > 1$ mJy reside in halos with mass of $\sim 10^{13} M_{\odot}$ and have stellar masses greater than $10^{11}\sim \rm M_{\odot}$. The angular cross-correlation between the SMGs and Lyman-$\alpha$ emitters is significantly weaker than that between the SMGs and Lyman-break galaxies. The cross-correlation is also weaker than the auto-correlation of the SMGs. The redshift distribution of the SMGs shows a broad peak at $z \sim 2$, where Bright SMGs contribute significantly to the global cosmic star formation rate density. Our model predicts that there are hundreds of SMGs with $S > 0.1$ mJy at $z > 5$ per 1 square degree field. Such SMGs can be detected by ALMA.Comment: 11 pages, 13 figures, submitted to MNRA