British economic growth and the business cycle, 1700-1870 : annual estimates

This paper provides the first annual GDP series for Great Britain over the period 1700-1870. The series is constructed in real terms from the output side, using volume indicators and value added weights. Sectoral estimates are provided for agriculture, industry and services, and for a number of sub-sectors. Estimates of nominal GDP are also provided, based on a benchmark for 1841 and projected back to 1700 and forward to 1870 using the real output series and sectoral price indices. The new data are used to provide a consistent account of economic growth and the business cycle. The results are broadly consistent with the long run path of real output suggested by Crafts and Harley, although growth rates for sub-periods differ, largely as a result of changes in the growth of agriculture. Nominal GDP increased more rapidly than suggested by Lindert and Williamson during the eighteenth century, and more slowly than suggested by Deane and Cole during the first half of the nineteenth century, as a result of differences in the price indices. We also refine the business cycle chronologies of Ashton and Gayer, Rostow and Schwartz

Quantum Transport Through a Stretched Spin--1 Molecule

We analyze the electronic transport through a model spin-1 molecule as a function of temperature, magnetic field and bias voltage. We consider the effect of magnetic anisotropy, which can be generated experimentally by stretching the molecule. In the experimentally relevant regime the conductance of the unstretched molecule reaches the unitary limit of the underscreened spin- 1 Kondo effect at low temperatures. The magnetic anisotropy generates an antiferromagnetic coupling between the remaining spin 1/2 and a singular density of quasiparticles, producing a second Kondo effect and a reduced conductance. The results explain recent measurements in spin-1 molecules [Science 328 1370 (2010)].Comment: 5 pages, 3 figures, minor changes, accepted for publication in EP

Impact of capacitance and tunneling asymmetries on Coulomb blockade edges and Kondo peaks in non-equilibrium transport through molecular quantum dots

We investigate theorerically the non-equilibrium transport through a molecular quantum dot as a function of gate and bias voltage, taking into account the typical situation in molecular electronics. In this respect, our study includes asymmetries both in the capacitances and tunneling rates to the source and drain electrodes, as well as an infinitely large charging energy on the molecule. Our calculations are based on the out-of-equilibrium Non-Crossing-Approximation (NCA), which is a reliable technique in the regime under consideration. We find that Coulomb blockade edges and Kondo peaks display strong renormalization in their width and intensity as a function of these asymmetries, and that basic expectations from Coulomb blockade theory must be taken with care in general, expecially when Kondo physics is at play. In order to help comparison of theory to experiments, we also propose a simple phenomenological model which reproduces semi-quantitatively the Coulomb blockade edges that were numerically computed from the NCA in all regimes of parameters.Comment: 9 pages, 8 figure

British economic growth : 1270 - 1870

We provide annual estimates of GDP for England between 1270 and 1700 and for Great Britain between 1700 and 1870, constructed from the output side. The GDP data are combined with population estimates to calculate GDP per capita. We find English per capita income growth of 0.20 per cent per annum between 1270 and 1700, although growth was episodic, with the strongest growth during the Black Death crisis of the fourteenth century and in the second half of the seventeenth century. For the period 1700-1870, we find British per capita income growth of 0.48 per cent, broadly in line with the widely accepted Crafts/Harley estimates. This modest trend growth in per capita income since 1270 suggests that, working back from the present, living standards in the late medieval period were well above “bare bones subsistence”. This can be reconciled with modest levels of kilocalorie consumption per head because of the very large share of pastoral production in agriculture

English economic growth, 1270-1700

We provide annual estimates of GDP for England over the period 1270-1700, constructed from the output side. The GDP data are combined with population estimates to calculate GDP per capita. Sectoral price data and estimates of nominal GDP are also provided. We find per capita income growth of 0.20 per cent per annum, although growth was episodic, with the strongest growth after the Black Death and in the second half of the seventeenth century. Living standards in the late medieval period were well above “bare bones subsistence”, although levels of kilocalorie consumption per head were modest because of the very large share of pastoral production in agriculture

The value effects of changes in leverage: Evidence from the Travel and Leisure sector

It is well documented that the Travel and Leisure sector is capital intensive when compared to other sectors due to the high level of capital required for fixed assets. Given this, this paper examines the relation between changes in leverage and stock returns of firms in this sector, in addition to examining whether changes in leverage have any significant effect on a sector basis. Using a final sample of 173 firms over the period between 1993 and 2012, we find that leverage only acts as a significant determinant of returns in the case of highly levered firms, as would be the case in the Travel and Leisure sector

Non-Fermi liquid behavior in transport through Co doped Au chains

We calculate the conductance as a function of temperature $G(T)$ through Au monoatomic chains containing one Co atom as a magnetic impurity, and connected to two conducting leads with a 4-fold symmetry axis. Using the information derived from {\it ab initio} calculations, we construct an effective model \Heff that hybridizes a 3d$^7$ quadruplet at the Co site with two 3d$^8$ triplets through the hopping of 5d$_{xz}$ and 5d$_{yz}$ electrons of Au. The quadruplet is split by spin anisotropy due to spin-orbit coupling. Solving \Heff with the numerical renormalization group (NRG) % Wb: reverted my own change we find that at low temperatures $G(T)=a-b \sqrt{T}$ and the ground state impurity entropy is $\ln(2)/2$, a behavior similar to the two-channel Kondo model. Stretching the chain leads to a non Kondo phase, with the physics of the underscreened Kondo model at the quantum critical point.Comment: Accepted in Physical Review Letter