Spin equilibrium and outflows in young stellar objects

We present N-body simulations of accretion discs about young stellar objects (YSOs). The simulation includes the presence of a magnetic loop structure on the central star which interacts with the particles by means of a magnetic drag force. We find that an equilibrium spin rate is achieved when the corotation radius coincides with the edge of the loop. This spin rate is consistent with observed values for TTauri stars, being an order of magnitude less than the breakup value. The material ejected from the system by the rotating loop has properties consistent with the observed molecular outflows, given the presence of a suitable containing cavity.

Do real balance effects invalidate the Taylor principle in closed and open economies?

This paper examines the determinacy implications of forecast-based monetary policy rules that set the interest rate in response to expected future inflation in a Neo-Wicksellian model that incorporates real balance effects. We show that the presence of such effects in closed economies restricts the ability of the Taylor principle to prevent indeterminacy of the rational expectations equilibrium. The problem is exacerbated in open economies, particularly if the policy rule reacts to consumer-price, rather than domestic-price, inflation. However, determinacy can be restored in both closed and open economies with the addition of monetary policy inertia.