The behavior of money velocity in low and high inflation countries

This paper presents a general equilibrium model of money demand where the velocity of money changes in response to endogenous fluctuations in the interest rate. The parameter space can be divided into two subsets: one where velocity is constant as in standard cash-in-advance models, and another one where velocity fluctuates as in Baumol (1952). The model provides an explanation of why, for a sample of 79 countries, the correlation between the velocity of money and the inflation rate appears to be low, unlike common wisdom would suggest. The reason is the diverse transaction technologies available in different economies.

The variability of money velocity in a generalized cash-in-advance model

This paper presents a general equilibrium model of money demand wherethe velocity of money changes in response to endogenous fluctuations in the interest rate. The parameter space can be divided into two subsets: one where velocity is constant and equal to one as in cash-in-advance models, and another one where velocity fluctuates as in Baumol (1952). Despite its simplicity, in terms of paramaters to calibrate, the model performs surprisingly well. In particular, it approximates the variability of money velocity observed in the U.S. for the post-war period. The model is then used to analyze the welfare costs of inflation under uncertainty. This application calculates the errors derived from computing the costs of inflation with deterministic models. It turns out that the size of this difference is small, at least for the levels of uncertainty estimated for the U.S. economy.

Chemisorption of group-III metals on the Si(111) and Ge(111) surfaces: An ab initio study

Chemisorption of group-III metal adatoms on Si(111) and Ge(111) has been studied through the ab initio Hartree-Fock method including nonempirical pseudopotentials and using cluster models to simulate the surface. Three different high-symmetry sites (atop, eclipsed, and open) have been considered by using X4H9, X4H7, and X6H9 (X=Si,Ge) cluster models. In a first step, ideal surface geometries have been used. Metal-induced reconstruction upon chemisorption has also been taken into account. Equilibrium distances, binding energies, and vibrational frequencies have been obtained and compared with available experimental data. From binding-energy considerations, the atop and eclipsed sites seem to be the most favorable ones and thus a coadsorption picture may be suggested. Group-III metals exhibit a similar behavior and the same is true for Si(111) and Ge(111) surfaces when chemisorption is considered.

A measure of group dissimilarity for psychological attributes

El funcionamiento y el rendimiento de los grupos en contextos diferentes están relacionados con el grado en que las características de los miembros son complementarias o suplementarias. El presente artículo describe un procedimiento para cuantificar el grado de disimilitud a nivel de grupo. A diferencia de la mayoría de técnicas existentes, el procedimiento que aquí se describe está normalizado y es invariante a los cambios de localización y escala. Por lo tanto, es posible comparar la disimilitud en escalas con diferente métrica y en grupos de distinto tamaño. La disimilitud está medida en términos relativos, independientemente de la posición que ocupan los individuos en la dimensión que mide la escala. Cuando no existe una justificación teórica para combinar las diversas propiedades medidas, se puede cuantificar la disimilitud para cada escala por separado. También es posible obtener las contribuciones diádicas e individuales respecto a la diversidad global y la asignada a cada escala. Las medidas descriptivas pueden ser complementadas con la significación estadística para, así, comparar los resultados obtenidos con distribuciones discretas de referencia, ya sean simétricas o asimétricas. Se ha elaborado un paquete en R que permite obtener los índices descriptivos y los valores p, además de contener las expresiones desarrolladas para simular una amplia variedad de distribuciones discretas de probabilidad.

Agreement in interpersonal perception as a predictor of group performance

The present work deals with quantifying group characteristics. Specifically, dyadic measures of interpersonal perceptions were used to forecast group performance. 46 groups of students, 24 of four and 22 of five people, were studied in a real educational assignment context and marks were gathered as an indicator of group performance. Our results show that dyadic measures of interpersonal perceptions account for final marks. By means of linear regression analysis 85% and 85.6% of group performance was respectively explained for group sizes equal to four and five. Results found in the scientific literature based on the individualistic approach are no larger than 18%. The results of the present study support the utility of dyadic approaches for predicting group performance in social contexts.

Some common indexes of group diversity: upper boundaries

Workgroup diversity can be conceptualized as variety, separation, or disparity. Thus, the proper operationalization of diversity depends on how a diversity dimension has been defined. Analytically, the minimal diversity must be obtained when there are no differences on an attribute among the members of a group, however maximal diversity has a different shape for each conceptualization of diversity. Previous work on diversity indexes indicated maximum values for variety (e.g., Blau"s index and Teachman"s index), separation (e.g., standard deviation and mean Euclidean distance), and disparity (e.g., coefficient of variation and the Gini coefficient of concentration), although these maximum values are not valid for all group characteristics (i.e., group size and group size parity) and attribute scales (i.e., number of categories). We demonstrate analytically appropriate upper boundaries for conditional diversity determined by some specific group characteristics, avoiding the bias related to absolute diversity. This will allow applied researchers to make better interpretations regarding the relationship between group diversity and group outcomes.

The measurement of ice velocity, mass balance and thinning-rate on Johnsons Glacier, Livingston Island, South Shetland Islands, Antarctica

A network of twenty stakes was set up on Johnsons Glacier in order to determine its dynamics. During the austral summers from 1994-95 to 1997-98, we estimated surface velocities, mass balances and ice thickness variations. Horizontal velocity increased dow nstream from 1 m a- 1 near the ice divides to 40 m a- 1 near the ice terminus. The accumulation zone showed low accumulation rates (maximum of 0,6 m a- 1 (ice)), whereas in the lower part of the glacier, ablation rates were 4,3 m a- 1 (ice). Over the 3-year study period, both in the accumulation and ablation zones, we detected a reduction in the ice surface level ranging from 2 to 10 m from the annual ve rt ical velocities and ice-thinning data, the mass balance was obtained and compared with the mass balance field values, resulting in similar estimates. Flux values were calculated using cross-section data and horizontal velocities, and compared with the results obtained by means of mass balance and ice thinning data using the continuity equation. The two methods gave similar results.

On the longitudinal component of paraxial fields

The analysis of paraxial Gaussian beams features in most undergraduate courses in laser physics, advanced optics and photonics. These beams provide a simple model of the field generated in the resonant cavities of lasers, thus constituting a basic element for understanding laser theory. Usually, uniformly polarized beams are considered in the analytical calculations, with the electric field vibrating at normal planes to the propagation direction. However, such paraxial fields do not verify the Maxwell equations. In this paper we discuss how to overcome this apparent contradiction and evaluate the longitudinal component that any paraxial Gaussian beam should exhibit. Despite the fact that the assumption of a purely transverse paraxial field is useful and accurate, the inclusion of the above issue in the program helps students to clarify the importance of the electromagnetic nature of light, thus providing a more complete understanding of the paraxial approach.

The natural hallucinogen 5-MeO-DMT, component of Ayahuasca, disrupts cortical function in rats: reversal by antipsychotic drugs

5-Methoxy-N,N-dimethyltryptamine (5-MeO-DMT) is a natural hallucinogen component of Ayahuasca, an Amazonian beverage traditionally used for ritual, religious and healing purposes that is being increasingly used for recreational purposes in US and Europe. 5MeO-DMT is of potential interest for schizophrenia research owing to its hallucinogenic properties. Two other psychotomimetic agents, phencyclidine and 2,5-dimethoxy-4-iodo-phenylisopropylamine (DOI), markedly disrupt neuronal activity and reduce the power of low frequency cortical oscillations (<4 Hz, LFCO) in rodent medial prefrontal cortex (mPFC). Here we examined the effect of 5-MeO-DMT on cortical function and its potential reversal by antipsychotic drugs. Moreover, regional brain activity was assessed by blood-oxygen level dependent (BOLD) functional magnetic resonance imaging (fMRI). 5-MeO-DMT disrupted mPFC activity, increasing and decreasing the discharge of 51 and 35% of the recorded pyramidal neurons, and reducing (−31%) the power of LFCO. The latter effect depended on 5-HT1A and 5-HT2A receptor activation and was reversed by haloperidol, clozapine, risperidone, and the mGlu2/3 agonist LY379268. Likewise, 5-MeO-DMT decreased BOLD responses in visual cortex (V1) and mPFC. The disruption of cortical activity induced by 5-MeO-DMT resembles that produced by phencyclidine and DOI. This, together with the reversal by antipsychotic drugs, suggests that the observed cortical alterations are related to the psychotomimetic action of 5-MeO-DMT. Overall, the present model may help to understand the neurobiological basis of hallucinations and to identify new targets in antipsychotic drug development.