678 research outputs found

    Physics prospects of UV-filtered overlap quarks

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    Some key features of the overlap operator with a UV-filtered Wilson kernel are discussed. The first part concerns spectral properties of the underlying shifted hermitean Wilson operator and the relation to the observed speedup of the overlap construction. Next, the localization of the filtered overlap and its axial-vector renormalization constant are discussed. Finally, results of an exploratory scaling study for mud,msm_{ud}, m_s and fπ,fKf_\pi, f_K are presented.Comment: Talk given at Workshop on Computational Hadron Physics, Nicosia, Cyprus, 14-17 Sep 200

    Prudent Investors: The Asset Allocation of Public Pension Plans

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    After 2000, the vast majority of defined benefit (DB) pension plans encountered a decrease in their funding ratios, largely due to a drop in asset prices. It is possible that public sector pension plans may have acted imprudently by chasing returns, once they encountered underfunding. We identify four indicators for DB plans’ imprudent investment behavior: no portfolio rebalancing, employer conflicts of interest, trustee conflicts of interest, and failure to implement best investment practices. To see if public sector pension plans rebalance their portfolios, we use data from the Federal Reserve’s Flow of Funds, dating from 1952 to 2007. To test for the remaining three hypotheses, we use data from the Census’ State and Local Government Employee Retirement Systems data base, where consistent data for state and local government plans are available from 1993 to 2005. Our results suggest that there is no evidence that public sector plans systematically engaged in imprudent investment behavior and that this did not systematically differ after 2000 from the earlier period.

    The Interplay between Labor and Financial Markets: What are the Implications for Defined Contribution Accounts?

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    The relationship between earnings, savings and retirement is well-known; however the linkage between labor market outcomes and financial market performance is generally unacknowledged. This Working Paper examines the implications of the link between labor markets and financial markets for workers who save money in individual retirement accounts. Specifically, differences in labor market outcomes across groups may imply differences in the timing of investments, which may reduce savings over time for these groups compared to their counterparts. Using monthly data from the Current Population Survey (1979-2002) we generate hypothetical investment portfolios using stock and bond indices. We exploit differences across demographic groups in unemployment and wage growth, and use these differences to examine each group’s investment outcomes. We then disaggregate the total effects into short-term and long-term components. We find some evidence of short-term market timing effects on investment, but we find much larger long-term effects for some groups. Our findings suggest that, for many people, the retirement savings losses associated with the timing of markets are similar to the costs of annuitizing savings upon retirement. The differences are especially pronounced by education and sex.Individual accounts, retirement savings, earnings volatility

    Easy Money? Health and 401(k) Loans

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    Rising health care costs and declining personal savings rates are nearly synonymous with household medical debt. For some, defined contribution (DC) retirement savings plans provide a ready source of funds to meet these medical debts. We examine whether health status and health insurance coverage predict the likelihood of having a DC loan using data from the Federal Reserve’s triennial Survey of Consumer Finances from 1989 to 2007. We find that poor health raises the likelihood that a household will borrow from their DC plans, even controlling for other forms of debt, access to credit, and whether households are covered by health insurance. Our estimates of the amount of the DC loan, taking selection effects into account, indicates that DC loan amounts are also influenced by health status; those with poor health borrow more from their DC plans. Apart from health status, once a household decides to borrow from their retirement funds, race and education also influence how much to borrow. We argue that public policy can improve the long-term financial retirement security of households by offering more opportunities to save for medical emergencies, while cautiously maintaining the opportunity to borrow from DC plans.��Defined contribution retirement savings plans; pension debt; health insurance coverage; health status

    RRAM Reliability/Performance Characterization through Array Architectures Investigations

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    The reliability and performance characterization of each non-volatile memory technology requires the thorough investigation of dedicated array test structures that mimic the real operations of a fully functional integrated product. This makes no exception also for emerging non-volatile memories like the Resistive Random Access Memory (RRAM) concept. An extensive electrical characterization activity performed on test vehicles manufactured in a CMOS backend-of-line process allowed the first glance estimation of operation modes and reliability threats typical of this technology. In this paper, it is provided a review of the most important issues like forming instabilities, optimal set/reset operation finding, and read disturb to provide a guideline either for a further technology optimization or an efficient algorithms co-design to handle these reliability/performance threats

    The η′\eta^\prime meson at the physical point with Nf=2N_f=2 Wilson twisted mass fermions

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    We present results for the eta prime meson and the topological susceptibility in two flavour lattice QCD. The results are obtained using Wilson twisted mass fermions at maximal twist with pion masses ranging from 340 MeV down to the physical point. A comparison to literature values is performed giving a handle on discretisation effects.Comment: Lattice 2017 proceeding contributio
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