Sovereign default and monetary policy tradeoffs

The paper is organized around the following question: when the economy moves from a debt-GDP level where the probability of default is nil to a higher level—the “fiscal limit”—where the default probability is non-negligible, how do the effects of routine monetary operations designed to achieve macroeconomic stabilization change? We find that the specification of the monetary policy rule plays a critical role. Consider a central bank that targets the risky rate. When the economy is near its fiscal limit, a transitory monetary policy contraction leads to a sustained rise in inflation, even though monetary policy actively targets inflation and fiscal policy passively adjusts taxes to stabilize debt. If the central bank targets the riskfree rate, on the other hand, the same transitory monetary contraction keeps inflation under control but leads output to contract for a prolonged period of time. The comparison shows that sovereign default risk puts into sharp relief the tradeoff between inflation and output stabilization

Matrix Product Representation of Locality Preserving Unitaries

The matrix product representation provides a useful formalism to study not only entangled states, but also entangled operators in one dimension. In this paper, we focus on unitary transformations and show that matrix product operators that are unitary provides a necessary and sufficient representation of 1D unitaries that preserve locality. That is, we show that matrix product operators that are unitary are guaranteed to preserve locality by mapping local operators to local operators while at the same time all locality preserving unitaries can be represented in a matrix product way. Moreover, we show that the matrix product representation gives a straight-forward way to extract the GNVW index defined in Ref.\cite{Gross2012} for classifying 1D locality preserving unitaries. The key to our discussion is a set of `fixed point' conditions which characterize the form of the matrix product unitary operators after blocking sites. Finally, we show that if the unitary condition is relaxed and only required for certain system sizes, the matrix product operator formalism allows more possibilities than locality preserving unitaries. In particular, we give an example of a simple matrix product operator which is unitary only for odd system sizes, does not preserve locality and carries a `fractional' index as compared to their locality preserving counterparts.Comment: 14 page

A thermal quench induces spatial inhomogeneities in a holographic superconductor

Holographic duality is a powerful tool to investigate the far-from equilibrium dynamics of superfluids and other phases of quantum matter. For technical reasons it is usually assumed that, after a quench, the far-from equilibrium fields are still spatially uniform. Here we relax this assumption and study the time evolution of a holographic superconductor after a temperature quench but allowing spatial variations of the order parameter. Even though the initial state and the quench are spatially uniform we show the order parameter develops spatial oscillations with an amplitude that increases with time until it reaches a stationary value. The free energy of these inhomogeneous solutions is lower than that of the homogeneous ones. Therefore the former corresponds to the physical configuration that could be observed experimentally.Comment: corrected typos, added references and new results for a different quenc

Motility-driven glass and jamming transitions in biological tissues

Cell motion inside dense tissues governs many biological processes, including embryonic development and cancer metastasis, and recent experiments suggest that these tissues exhibit collective glassy behavior. To make quantitative predictions about glass transitions in tissues, we study a self-propelled Voronoi (SPV) model that simultaneously captures polarized cell motility and multi-body cell-cell interactions in a confluent tissue, where there are no gaps between cells. We demonstrate that the model exhibits a jamming transition from a solid-like state to a fluid-like state that is controlled by three parameters: the single-cell motile speed, the persistence time of single-cell tracks, and a target shape index that characterizes the competition between cell-cell adhesion and cortical tension. In contrast to traditional particulate glasses, we are able to identify an experimentally accessible structural order parameter that specifies the entire jamming surface as a function of model parameters. We demonstrate that a continuum Soft Glassy Rheology model precisely captures this transition in the limit of small persistence times, and explain how it fails in the limit of large persistence times. These results provide a framework for understanding the collective solid-to-liquid transitions that have been observed in embryonic development and cancer progression, which may be associated with Epithelial-to-Mesenchymal transition in these tissues.Comment: accepted for publication in Physical Review X, 201

Normal modes and time evolution of a holographic superconductor after a quantum quench

We employ holographic techniques to investigate the dynamics of the order parameter of a strongly coupled superconductor after a perturbation that drives the system out of equilibrium. The gravity dual that we employ is the ${\rm AdS}_5$ Soliton background at zero temperature. We first analyze the normal modes associated to the superconducting order parameter which are purely real since the background has no horizon. We then study the full time evolution of the order parameter after a quench. For sufficiently a weak and slow perturbation we show that the order parameter undergoes simple undamped oscillations in time with a frequency that agrees with the lowest normal model computed previously. This is expected as the soliton background has no horizon and therefore, at least in the probe and large $N$ limits considered, the system will never return to equilibrium. For stronger and more abrupt perturbations higher normal modes are excited and the pattern of oscillations becomes increasingly intricate. We identify a range of parameters for which the time evolution of the order parameter become quasi chaotic. The details of the chaotic evolution depend on the type of perturbation used. Therefore it is plausible to expect that it is possible to engineer a perturbation that leads to the almost complete destruction of the oscillating pattern and consequently to quasi equilibration induced by superposition of modes with different frequencies.Comment: 10 pages, 7 figures, corrected typos, expanded section on chaotic oscillations and new results for other quenc

Solar Models with Revised Abundances and Opacities

Using reconstructed opacities, we construct solar models with low heavy-element abundance. Rotational mixing and enhanced diffusion of helium and heavy elements are used to reconcile the recently observed abundances with helioseismology. The sound speed and density of models where the relative and absolute diffusion coefficients for helium and heavy elements have been increased agree with seismically inferred values at better than the 0.005 and 0.02 fractional level respectively. However, the surface helium abundance of the enhanced diffusion model is too low. The low helium problem in the enhanced diffusion model can be solved to a great extent by rotational mixing. The surface helium and the convection zone depth of rotating model M04R3, which has a surface Z of 0.0154, agree with the seismic results at the levels of 1 $\sigma$ and 3 $\sigma$ respectively. M04R3 is almost as good as the standard model M98. Some discrepancies between the models constructed in accord with the new element abundances and seismic constraints can be solved individually, but it seems difficult to resolve them as a whole scenario.Comment: 10 pages, 1 figur