On the Determinacy of New Keynesian Models with Staggered Wage and Price Setting

This paper shows that an analytical determinacy analysis of the baseline New Keynesian model with both staggered wages and prices developed by Erceg, Henderson and Levin (2000) is possible despite the high dimensional nature of this model. It is possible if the formulation of the model is translated from discrete to continuous time. Our findings corroborates in an analytical manner Galí's (2008) numerical findings regarding the determinacy frontier and the Taylor principle for this model type, where a generalized Taylor rule that employs a weighted combination of wage and price inflation is used as a measure for the inflation gap.Period models, continuous time, (in)determinacy.

Effort Maximization in Asymmetric N-person Contest Games

This paper provides existence and characterization of the optimal contest success function under the condition that the objective of the contest designer is total effort maximization among n heterogeneous players. Heterogeneity of players makes active participation of a player in equilibrium endogenous with respect to the specific contest success function adopted by the contest designer. Hence, the aim of effort maximization implies the identification of those players who should be excluded from making positive efforts.We give a general proof for the existence of an optimal contest success function and provide an algorithm for the determination of the set of actively participating players.This is turn allows to determine optimal efforts in closed form.An important general feature of the solution is that maximization of total effort requires at least three players to be active.Effort maximization, existence of solution, asymmetric contests, participation constraints

Effort Maximization in Asymmetric N-Person Contest Games

This paper provides existence and characterization of the optimal contest success function under the condition that the objective of the contest designer is total effort maximization among n heterogeneous players. Heterogeneity of players makes active participation of a player in equilibrium endogenous with respect to the specific contest success function adopted by the contest designer. Hence, the aim of effort maximization implies the identification of those players who should be excluded from making positive efforts. We give a general proof for the existence of an optimal contest success function and provide an algorithm for the determination of the set of actively participating players. This is turn allows to determine optimal efforts in closed form. An important general feature of the solution is that maximization of total effort requires at least three players to be active.effort maximization, existence of solution, asymmetric contests, participation constraints

The 'making' of an entrepreneur: testing a model of entrepreneurial intent among engineering students at MIT

In the present study a covariance structure model is tested to identify the causes of entrepreneurial intent among engineering students. Specifically, we explore whether steady personal dispositions or whether perceptions of contextual founding conditions have an impact on the intention to found one's own business. The survey of 512 students at the MIT School of Engineering broadly confirms the model. Personality traits have a strong impact on the attitude towards self-employment. The entrepreneurial attitude is strongly linked with the intention to start a new venture. The students' personality therefore shows an indirect effect on intentions. Furthermore, the entrepreneurial intent is directly affected by perceived barriers and support factors in the entrepreneurship-related context. The findings have important implications for policy makers inside and outside universities. (authors' abstract

Disentangling electron- and electric field-induced ring-closing reactions in a diarylethene derivative on Ag(111)

Using scanning tunneling microscopy and spectroscopy we investigate the adsorption properties and ring-closing reaction of a diarylethene derivative (C5F-4Py) on a Ag(111) surface. We identify an electron-induced reaction mechanism, with a quantum yield varying from $10^{-14}-10^{-9}$ per electron upon variation of the bias voltage from $1-2$ V. We ascribe the drastic increase in switching efficiency to a resonant enhancement upon tunneling through molecular orbitals. Additionally, we resolve the ring-closing reaction even in the absence of a current passing through the molecule. In this case the electric-field can modify the reaction barrier, leading to a finite switching probability at 4.8 K. A detailed analysis of the switching events shows that a simple plate-capacitor model for the tip-surface junction is insufficient to explain the distance dependence of the switching voltage. Instead, describing the tip as a sphere is in agreement with the findings. We resolve small differences in the adsorption configuration of the closed isomer, when comparing the electron- and field-induced switching product

Visualizing intramolecular distortions as the origin of transverse magnetic anisotropy

The magnetic properties of metal–organic complexes are strongly influenced by conformational changes in the ligand. The flexibility of Fe-tetra-pyridyl-porphyrin molecules leads to different adsorption configurations on a Au(111) surface. By combining low-temperature scanning tunneling spectroscopy and atomic force microscopy, we resolve a correlation of the molecular configuration with different spin states and magnitudes of magnetic anisotropy. When the macrocycle exhibits a laterally undistorted saddle shape, the molecules lie in a S = 1 state with axial anisotropy arising from a square-planar ligand field. If the symmetry in the molecular ligand field is reduced by a lateral distortion of the molecule, we find a finite contribution of transverse anisotropy. Some of the distorted molecules lie in a S = 2 state, again exhibiting substantial transverse anisotropy