Saving and Growth: A Reinterpretation

We examine the relationship between income growth and saving using both cross-country and household data. At the aggregate level, we find that growth Granger causes saving, but that saving does not Granger cause growth. Using household data, we find that households with predictably higher income growth save more than households with predictably low growth. We argue that standard Permanent Income models of consumption cannot explain these findings, but that a model of consumption with habit formation may. The positive effect of growth on saving implies that previous estimates of the effect of saving on growth may be overstated.

Human CLPP reverts the longevity phenotype of a fungal ClpP deletion strain

Mitochondrial maintenance crucially depends on the quality control of proteins by various chaperones, proteases and repair enzymes. While most of the involved components have been studied in some detail, little is known on the biological role of the CLPXP protease complex located in the mitochondrial matrix. Here we show that deletion of PaClpP, encoding the CLP protease proteolytic subunit CLPP, leads to an unexpected healthy phenotype and increased lifespan of the fungal ageing model organism Podospora anserina. This phenotype can be reverted by expression of human ClpP in the fungal deletion background, demonstrating functional conservation of human and fungal CLPP. Our results show that the biological role of eukaryotic CLP proteases can be studied in an experimentally accessible model organism

Historical Perspectives on the Monetary Transmission Mechanism

This paper examines changes over time in the importance of the lending channel in the transmission of monetary shocks to the real economy. We first use a simple extension of the Bernanke-Blinder model to isolate the observable factors that affect the strength of the lending channel. We then show that based on changes in the structure of banks assets, reserve requirements, and the composition of external firm finance, the lending channel should have been stronger before 1929 than during the post-World War II period, especially the first half of this period. Finally, we demonstrate that conventional indicators of the importance of the lending channel, such as the spread between the loan rate and the bond rate and the correlation between loans and output, do not show the predicted decline in the importance of lending over time. From this we conclude that either the traditional indicators are not useful measures of the strength of the lending channel or that the lending channel has not been quantitatively important in any era.

Peripheral separability and cusps of arithmetic hyperbolic orbifolds

For X = R, C, or H it is well known that cusp cross-sections of finite volume X-hyperbolic (n+1)-orbifolds are flat n-orbifolds or almost flat orbifolds modelled on the (2n+1)-dimensional Heisenberg group N_{2n+1} or the (4n+3)-dimensional quaternionic Heisenberg group N_{4n+3}(H). We give a necessary and sufficient condition for such manifolds to be diffeomorphic to a cusp cross-section of an arithmetic X-hyperbolic (n+1)-orbifold. A principal tool in the proof of this classification theorem is a subgroup separability result which may be of independent interest.Comment: Published by Algebraic and Geometric Topology at http://www.maths.warwick.ac.uk/agt/AGTVol4/agt-4-32.abs.htm

Solution of ordinary differential equations by means of Lie series

Solution of ordinary differential equations by Lie series - Laplace transformation, Weber parabolic-cylinder functions, Helmholtz equations, and applications in physic

Thermal Radiation Fields and Antenna Parameters in Magnetoplasma

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/116076/1/rds196722225.pd

New Anti-Corrosive Coatings with Resin-Bonded Polyaniline and Related Electroactive Groups

It is already known that polyaniline (an electroactive polymer) functions as a corrosion inhibitor for steel and in view of the fact that it is known to perform in the presence of hydrochloric acid, it has been considered likely that it may be useful to NASA for protecting launch structures at KSC which are exposed to not only continual ocean-side salt spray but also to hydrochloric acid at the times that solid-fuel boosters are fired. The currently used zinc-rich silicate-bonded coating is not wholly protective against the hydrochloric acid. Water pollution from zinc salts is another concern. Other earlier and concurrent NASA sponsored projects have been focussed on polyaniline specifically. Our project, administered for NASA by Dr. K. Thompson of KSC and these more-specifically polyaniline-related projects are included in a CRADA coordinated by Dr. F. Via of Akzo Nobel. A parallel project at Polytechnic under Prof K. Levon concentrated more specifically on polyaniline with various dopants. Our exploratory project reported herein was aimed at broadening the range of such corrosion inhibitors, to give protective paint compounders a wider latitude for adding corrosion inhibitors having polyaniline-like performance, and thus we diverged in several probing directions from polyaniline. Our working hypothesis was that physical variants of polyaniline, such as supported formulations on pigments or carriers, and chemical variants of polyaniline, including those having no electroconductive character, may have enhanced anticorrosion activity. We also hypothesized that small (non-polymeric) molecules having structures related to those occurring in polyaniline, may be active as corrosion inhibitors. We did preliminary testing, using an ASTM salt spray method at a nearby commercial paint testing laboratory. Our most interesting findings were that a non-electroconductive meta-isomer of polyaniline showed some corrosion activity, suggesting that the features of the polyaniline molecule associated with conductivity are not necessary for the anticorrosion action. Also, signtficantly, small molecular weight aromatic diamines and diimines resembling the reduced and the oxidized repeating unit in polyaniline showed an interesting degree of anticorrosive activity, suggesting that the polymeric feature of polyaniline is not necessary for anticorrosion action

Manipulating the magnetic state of a carbon nanotube Josephson junction using the superconducting phase

The magnetic state of a quantum dot attached to superconducting leads is experimentally shown to be controlled by the superconducting phase difference across the dot. This is done by probing the relation between the Josephson current and the superconducting phase difference of a carbon nanotube junction whose Kondo energy and superconducting gap are of comparable size. It exhibits distinctively anharmonic behavior, revealing a phase mediated singlet to doublet transition. We obtain an excellent quantitative agreement with numerically exact quantum Monte Carlo calculations. This provides strong support that we indeed observed the finite temperature signatures of the phase controlled zero temperature level-crossing transition originating from strong local electronic correlations.Comment: 5 pages, 4 figures + supp. material