Animal Spirits Meets Creative Destruction

We show how a Schumpeterian process of creative destruction can induce coordination in the timing of entrepreneurial activities across diverse sectors of the economy.Consequently, a multi-sector economy, in which sector-specific, productivity improvements are made by independent, profit-seeking entrepreneurs, can exhibit regular booms, slowdowns and downturns as an inherent part of the long-run growth process.The cyclical equilibrium that we study has a higher long-run growth rate but lower welfare than the corresponding acyclical one.We find that the cycles generated by our model share some features of actual business cycles, and that across cycling economies, a negative relationship emerges between volatility and growth.economic growth;entrepreneurship;innovation;business cycles

Co-movement, Capital and Contracts: 'Normal' Cycles Through Creative Destruction

We develop a unified theory of endogenous business cycles in which expansions are neoclassical growth periods driven by productivity improvements and capital accumulation, while downturns are the result of Keynesian contractions in aggregate demand below potential output. Recessions allow skilled labor to be reallocated to growth promoting activities which fuel subsequent expansions. However, rigidities in production and contractual limitations, inherent to the process of creative destruction, leave capital severely underutilized. A key feature of our equilibrium is the endogenous emergence of long term supply contracts between capitalist owners and producers.Long-term contracting;investment irreversibility;putty-clay technology;asset- specificity;Endogenous cycles and growth

Three-dimensional fluid motion in Faraday waves: creation of vorticity and generation of two-dimensional turbulence

We study the generation of 2D turbulence in Faraday waves by investigating the creation of spatially periodic vortices in this system. Measurements which couple a diffusing light imaging technique and particle tracking algorithms allow the simultaneous observation of the three-dimensional fluid motion and of the temporal changes in the wave field topography. Quasi-standing waves are found to coexist with a spatially extended fluid transport. More specifically, the destruction of regular patterns of oscillons coincides with the emergence of a complex fluid motion whose statistics are similar to that of two-dimensional turbulence. We reveal that a lattice of oscillons generates vorticity at the oscillon scale in the horizontal flow. The interaction of these vortices explain how 2D turbulence is fueled by almost standing waves. Remarkably, the curvature of Lagrangian trajectories reveals a "footprint" of the forcing scale vortices in fully developed turbulence. 2D Navier-Stokes turbulence should be considered a source of disorder in Faraday waves. These findings also provide a new paradigm for vorticity creation in 2D flows

Southern Durchmusterung (Schoenfeld 1886): Documentation for the machine-readable version

The machine-readable version of the catalog, as it is currently being distributed from the Astronomical Data Center, is described. The Southern Durchmusterung (SD) was computerized at the Centre de Donnees Astronomiques de Strasbourg and at the Astronomical Data Center at the National Space Science Data Center, NASA/Goddard Space Flight Center. Corrigenda listed in the original SD volume and published by Kuenster and Sticker were incorporated into the machine file. In addition, one star indicated to be missing in a published list, and later verified, is flagged so that it can be omitted from computer plotted charts if desired. Stars deleted in the various errata lists were similarly flagged, while those with revised data are flagged and listed in a separate table. This catalog covers the zones -02 to -23 degrees; zones +89 to -01 degrees (the Bonner Durchmusterung) are included in a separate catalog available in machine-readable form

Beyond Oaxaca-Blinder : accounting for differences in household income distributions across countries

The authors develop a microeconometric method to account for differences across distributions of household income. Going beyond the determination of earnings in labor markets, they also estimate statistical models for occupational choice and for conditional distributions of education, fertility, and nonlabor incomes. The authors import combinations of estimated parameters from these models to simulate counterfactual income distributions. This allows them to decompose differences between functionals of two income distributions (such as inequality or poverty measures) into shares because of differences in the structure of labor market returns (price effects), differences in the occupational structure, and differences in the underlying distribution of assets (endowment effects). The authors apply the method to the differences between the Brazilian income distribution and those of Mexico and the United States, and find that most of Brazil's excess income inequality is due to underlying inequalities in the distribution of two key endowments: access to education and to sources of nonlabor income, mainly pensions.Services&Transfers to Poor,Environmental Economics&Policies,Poverty Impact Evaluation,Economic Theory&Research,Health Economics&Finance,Inequality,Economic Theory&Research,Rural Poverty Reduction,Safety Nets and Transfers,Services&Transfers to Poor