UIP, the carry trade and Minsky’s Financial Instability Hypothesis in the CEE and CIS

Abstract

Spaces of spinor-valued homogeneous polynomials, and in particular spaces of spinor-valued spherical harmonics, are decomposed in terms of irreducible representations of the symplectic group Sp$( p)$. These Fischer decompositions involve spaces of homogeneous, so-called $\mathfrak{osp}(4|2)$-monogenic polynomials, the Lie superalgebra $\mathfrak{osp}(4|2)$ being the Howe dual partner to the symplectic group Sp$( p)$. In order to obtain Sp$( p)$-irreducibility this new concept of $\mathfrak{osp}(4|2)$-monogenicity has to be introduced as a refinement of quaternionic monogenicity; it is defined by means of the four quaternionic Dirac operators, a scalar Euler operator $\mathbb{E}$ underlying the notion of symplectic harmonicity and a multiplicative Clifford algebra operator $P$ underlying the decomposition of spinor space into symplectic cells. These operators $\mathbb{E}$ and $P$, and their hermitian conjugates, arise naturally when constructing the Howe dual pair $\mathfrak{osp}(4|2) \times$ Sp$( p)$, the action of which will make the Fischer decomposition multiplicityfree.Comment: arXiv admin note: text overlap with arXiv:1501.0344