Job search and asset accumulation under borrowing constraints

In this paper I show how borrowing constraints and job search interact.I fit a dynamic model to data from the National Longitudinal Survey(1979-cohort) and show that borrowing constraints are significant. Agentswith more initial assets and more access to credit attain higher wagesfor several periods after high school graduation. The unemployed maintaintheir consumption by running down their assets, while the employed saveto buffer against future unemployment spells. I also show that, unlikein models with exogenous income streams, unemployment transfers, byallowing agents to attain higher wages do not 'crowd out' but increasesaving.

Testing the response of macroinvertebrate functional structure and biodiversity to flooding and confinement

The aim of the present study was to investigate the relative importance of flooding- and confinement-related environmentalfeatures in explaining macroinvertebrate trait structure and diversity in a pool of wetlands located in a Mediterranean riverfloodplain. To test hypothesized trait-environment relationships, we employed a recently implemented statistical procedure, thefourth-corner method. We found that flooding-related variables, mainly pH and turbidity, were related to traits that confer an abilityof the organism to resist flooding (e.g., small body-shape, protection of eggs) or recuperate faster after flooding (e.g., short life-span, asexual reproduction). In contrast, confinement-related variables, mainly temperature and organic matter, enhanced traits that allow organisms to interact and compete with other organisms (e.g., large size, sexual reproduction) and to efficiently use habitat and resources (e.g., diverse locomotion and feeding strategies). These results are in agreement with predictions made under the River Habitat Templet for lotic ecosystems, and demonstrate the ability of the fourth-corner method to test hypothesis that posit traitenvironment relationships. Trait diversity was slightly higher in flooded than in confined sites, whereas trait richness was not significantly different. This suggests that although trait structure may change in response to the main environmental factors, as evidenced by the fourth-corner method, the number of life-history strategies needed to persist in the face of such constraints remains more or less constant; only their relative dominance differs

Is bank debt special for the transmission of monetary policy? Evidence from the stock market

We combine existing balance sheet and stock market data with two new datasets to studywhether, how much, and why bank lending to firms matters for the transmission of monetarypolicy. The first new dataset enables us to quantify the bank dependence of firms precisely,as the ratio of bank debt to total assets. We show that a two standard deviation increase inthe bank dependence of a firm makes its stock price about 25% more responsive to monetarypolicy shocks. We explore the channels through which this effect occurs, and find that thestock prices of bank-dependent firms that borrow from financially weaker banks display astronger sensitivity to monetary policy shocks. This finding is consistent with the banklending channel, a theory according to which the strength of bank balance sheets mattersfor monetary policy transmission. We construct a new database of hedging activities andshow that the stock prices of bank-dependent firms that hedge against interest rate riskdisplay a lower sensitivity to monetary policy shocks. This finding is consistent with aninterest rate pass-through channel that operates via the direct transmission of policy ratesto lending rates associated with the widespread use of floating-rates in bank loans and creditline agreements.

Application of a support system to the design of wastewater treatment plants

This paper presents a case study that explores the advantages that can be derived from the use of a design support system during the design of wastewater treatment plants (WWTP). With this objective in mind a simplified but plausible WWTP design case study has been generated with KBDS, a computer-based support system that maintains a historical record of the design process. The study shows how, by employing such a historical record, it is possible to: (1) rank different design proposals responding to a design problem; (2) study the influence of changing the weight of the arguments used in the selection of the most adequate proposal; (3) take advantage of keywords to assist the designer in the search of specific items within the historical records; (4) evaluate automatically thecompliance of alternative design proposals with respect to the design objectives; (5) verify the validity of previous decisions after the modification of the current constraints or specifications; (6) re-use the design records when upgrading an existing WWTP or when designing similar facilities; (7) generate documentation of the decision making process; and (8) associate a variety of documents as annotations to any component in the design history. The paper also shows one possible future role of design support systems as they outgrow their current reactive role as repositories of historical information and start to proactively support the generation of new knowledge during the design process

Design of electron band pass filters for electrically biased finite superlattices

We design optimal band pass filters for electrons in semiconductor heterostructures, under a uniform applied electric field. The inner cells are chosen to provide a desired transmission window. The outer cells are then designed to transform purely incoming or outgoing waves into Bloch states of the inner cells. The transfer matrix is interpreted as a conformal mapping in the complex plane, which allows us to write constraints on the outer cell parameters, from which physically useful values can be obtained.

Some aspects of N=2 superstring

The string model with N=2 world-sheet supersymmetry is approached via ghosts, Becchi-Rouet-Stora-Tyutin cohomology, and bosonization. Some amplitudes involving massless scalars and vectors are computed at the tree level. The constraints of locality on the spectrum are analyzed. An attempt is made to "decompactify" the model into a four-dimensional theory.

Equivalence of reduced, Polyakov, Faddeev-Popov, and Faddeev path-integral quantization of gauge theories

A geometrical treatment of the path integral for gauge theories with first-class constraints linear in the momenta is performed. The equivalence of reduced, Polyakov, Faddeev-Popov, and Faddeev path-integral quantization of gauge theories is established. In the process of carrying this out we find a modified version of the original Faddeev-Popov formula which is derived under much more general conditions than the usual one. Throughout this paper we emphasize the fact that we only make use of the information contained in the action for the system, and of the natural geometrical structures derived from it.

On the many-time formulation of classical particle dynamics

Starting from the standard one-time dynamics of n nonrelativistic particles, the n-time equations of motion are inferred, and a variational principle is formulated. A suitable generalization of the classical LieKnig theorem is demonstrated, which allows the determination of all the associated presymplectic structures. The conditions under which the action of an invariance group is canonical are studied, and a corresponding Noether theorem is deduced. A formulation of the theory in terms of n first-class constraints is recovered by means of coisotropic imbeddings. The proposed approach also provides for a better understanding of the relativistic particle dynamics, since it shows that the different roles of the physical positions and the canonical variables is not peculiar to special relativity, but rather to any n-time approach: indeed a nonrelativistic no-interaction theorem is deduced.

Higher order Lagrangian systems: Geometric structures, Dynamics, and Constraints

In order to study the connections between Lagrangian and Hamiltonian formalisms constructed from aperhaps singularhigher-order Lagrangian, some geometric structures are constructed. Intermediate spaces between those of Lagrangian and Hamiltonian formalisms, partial Ostrogradskiis transformations and unambiguous evolution operators connecting these spaces are intrinsically defined, and some of their properties studied. Equations of motion, constraints, and arbitrary functions of Lagrangian and Hamiltonian formalisms are thoroughly studied. In particular, all the Lagrangian constraints are obtained from the Hamiltonian ones. Once the gauge transformations are taken into account, the true number of degrees of freedom is obtained, both in the Lagrangian and Hamiltonian formalisms, and also in all the intermediate formalisms herein defined.

New constraints on a light spinless particle coupled to photons

We obtain new stringent constraints on a light spinless particle f coupled only to photons at low energies, considering its effects on the extragalactic photon background, the black-body spectrum of the cosmic microwave background radiation and the cosmological abundance of deuterium.

Particle creation due to cosmological contraction of extra dimensions

Particle production in a cosmological spacetime with extra dimensions is discussed. A five-dimensional cosmological model with a three-dimensional space expanding isotropically like in a radiative Friedmann-Robertson-Walker model and an internal space contracting to a constant small size is considered. The parameters of the model are adjusted so that time variations in internal space are compatible with present limits on time variations of the fundamental constants. By requiring that the energy density of the particles produced be less than the critical density at the radiation era we set restrictions on two more parameters: namely, the initial time of application of the semiclassical approach and the relative sizes between the internal space and the horizon of the ordinary Universe at this time. Whereas the production of massless particles allows a large range of variation to these parameters, the production of massive particles sets severe constraints on them, since, if they are overproduced, their energy density might very soon dominate the Universe and make cosmological dimensional reduction by extradimensional contraction unlikely.

Comparative genomics of the vertebrate insulin/TOR signal transduction pathway: A network-level analysis of selective pressures

Complexity of biological function relies on large networks of interacting molecules. However, the evolutionary properties of these networks are not fully understood. It has been shown that selective pressures depend on the position of genes in the network. We have previously shown that in the Drosophila insulin/target of rapamycin (TOR) signal transduction pathway there is a correlation between the pathway position and the strength of purifying selection, with the downstream genes being most constrained. In this study, we investigated the evolutionary dynamics of this well-characterized pathway in vertebrates. More specifically, we determined the impact of natural selection on the evolution of 72 genes of this pathway. We found that in vertebrates there is a similar gradient of selective constraint in the insulin/TOR pathway to that found in Drosophila. This feature is neither the result of a polarity in the impact of positive selection nor of a series of factors affecting selective constraint levels (gene expression level and breadth, codon bias, protein length, and connectivity). We also found that pathway genes encoding physically interacting proteins tend to evolve under similar selective constraints. The results indicate that the architecture of the vertebrate insulin/TOR pathway constrains the molecular evolution of its components. Therefore, the polarity detected in Drosophila is neither specific nor incidental of this genus. Hence, although the underlying biological mechanisms remain unclear, these may be similar in both vertebrates and Drosophila.

Comparative genomic analysis of the odorant-binding protein family in 12 Drosophila genomes: purifying selection and birth-and-death evolution

Background: Chemoreception is a widespread mechanism that is involved in critical biologic processes, including individual and social behavior. The insect peripheral olfactory system comprises three major multigene families: the olfactory receptor (Or), the gustatory receptor (Gr), and the odorant-binding protein (OBP) families. Members of the latter family establish the first contact with the odorants, and thus constitute the first step in the chemosensory transduction pathway.Results: Comparative analysis of the OBP family in 12 Drosophila genomes allowed the identification of 595 genes that encode putative functional and nonfunctional members in extant species, with 43 gene gains and 28 gene losses (15 deletions and 13 pseudogenization events). The evolution of this family shows tandem gene duplication events, progressive divergence in DNA and amino acid sequence, and prevalence of pseudogenization events in external branches of the phylogenetic tree. We observed that the OBP arrangement in clusters is maintained across the Drosophila species and that purifying selection governs the evolution of the family; nevertheless, OBP genes differ in their functional constraints levels. Finally, we detect that the OBP repertoire evolves more rapidly in the specialist lineages of the Drosophila melanogaster group (D. sechellia and D. erecta) than in their closest generalists.Conclusion: Overall, the evolution of the OBP multigene family is consistent with the birth-and-death model. We also found that members of this family exhibit different functional constraints, which is indicative of some functional divergence, and that they might be involved in some of the specialization processes that occurred through the diversification of the Drosophila genus.

Extent and limitations of density functional theory in describing magnetic systems

The performance of density-functional theory to solve the exact, nonrelativistic, many-electron problem for magnetic systems has been explored in a new implementation imposing space and spin symmetry constraints, as in ab initio wave function theory. Calculations on selected systems representative of organic diradicals, molecular magnets and antiferromagnetic solids carried out with and without these constraints lead to contradictory results, which provide numerical illustration on this usually obviated problem. It is concluded that the present exchange-correlation functionals provide reasonable numerical results although for the wrong physical reasons, thus evidencing the need for continued search for more accurate expressions.

Extent and limitations of density functional theory in describing magnetic systems

The performance of density-functional theory to solve the exact, nonrelativistic, many-electron problem for magnetic systems has been explored in a new implementation imposing space and spin symmetry constraints, as in ab initio wave function theory. Calculations on selected systems representative of organic diradicals, molecular magnets and antiferromagnetic solids carried out with and without these constraints lead to contradictory results, which provide numerical illustration on this usually obviated problem. It is concluded that the present exchange-correlation functionals provide reasonable numerical results although for the wrong physical reasons, thus evidencing the need for continued search for more accurate expressions.