The Inflation Bias When the Central Bank Targets, the Natural Rate of Unemployment

This paper studies the proposition that an inflation bias can arise in a setup where a central banker with asymmetric preferences targets the natural unemployment rate. Preferences are asymmetric in the sense that positive unemployment deviations from the natural rate are weighted more (or less) severely than negative deviations in the central banker's loss function. The bias is proportional to the conditional variance of unemployment. The time-series predictions of the model are evaluated using data from G7 countries. Econometric estimates support the prediction that the conditional variance of unemployment and the rate of inflation are positively related.

Nonparametric estimation of the leverage effect: a trade-off between robustness and efficiency

We consider two new approaches to nonparametric estimation of the leverage effect. The first approach uses stock prices alone. The second approach uses the data on stock prices as well as a certain volatility instrument, such as the CBOE volatility index (VIX) or the Black-Scholes implied volatility. The theoretical justification for the instrument-based estimator relies on a certain invariance property, which can be exploited when high frequency data is available. The price-only estimator is more robust since it is valid under weaker assumptions. However, in the presence of a valid volatility instrument, the price-only estimator is inefficient as the instrument-based estimator has a faster rate of convergence. We consider two empirical applications, in which we study the relationship between the leverage effect and the debt-to-equity ratio, credit risk, and illiquidity.

A fibre optic evanescent wave sensor for monitoring the rate of pulsed laser deposition of metal thin films

A novel sensing technique for the in situ monitoring of the rate of pulsed laser deposition (PLD) of metal thin films has been developed. This optical fibre based sensor works on the principle of the evanescent wave penetration of waveguide modes into the uncladded portion of a multimode fibre. The utility of this optical fibre sensor is demonstrated in the case of PLD of silver thin films obtained by a Q-switched Nd:YAG laser which is used to irradiate a silver target at the required conditions for the preparation of thin films. This paper describes the performance and characteristics of the sensor and shows how the device can be used as an effective tool for the monitoring of the deposition rate of silver thin films. The fibre optic sensor is very simple, inexpensive and highly sensitive compared with existing techniques for thin film deposition rate measurements

A fibre optic evanescent wave sensor for monitoring the rate of pulsed laser deposition of metal thin films

A novel sensing technique for the in situ monitoring of the rate of pulsed laser deposition (PLD) of metal thin films has been developed. This optical fibre based sensor works on the principle of the evanescent wave penetration of waveguide modes into the uncladded portion of a multimode fibre. The utility of this optical fibre sensor is demonstrated in the case of PLD of silver thin films obtained by a Q-switched Nd:YAG laser which is used to irradiate a silver target at the required conditions for the preparation of thin films. This paper describes the performance and characteristics of the sensor and shows how the device can be used as an effective tool for the monitoring of the deposition rate of silver thin films. The fibre optic sensor is very simple, inexpensive and highly sensitive compared with existing techniques for thin film deposition rate measurements.

An optical fibre based evanescent wave sensor to monitor the deposition rate of thin films

A novel fibre optic sensor for the in situ measurement of the rate of deposition of thin films has been developed. Evanescent wave in the uncladded portion of a multimode fibre is utilised for this sensor development. In the present paper we demonstrate how this sensor is useful for the monitoring of the deposition rate of polypyrrole thin films, deposited by an AC plasma polymerisation method. This technique is simple, accurate and highly sensitive compared with existing techniques.

Evanescent wave sensor to monitor the etching rate of an optical fibre

The design and development of an evanescent wave sensor to determine the etching rate of the core of an optical fibre is discussed in this paper. The working of the device is based on the principle of propagation and loss of the evanescent wave in the cladding region of the fibre. The fraction of light intensity creeping out of the core of an uncladded fibre is a function of the core radius. As this radius decreases, the evanescent wave coupling to the medium surrounding the core enhances. This results in a decrease of the transmitted light intensity through the fibre. This technique is useful to design and fabricate optical fibres with different core geometries.

Beyond the mincer equation: the internal rate of return to higher education in Colombia

In order to present an estimation of the Internal Rate of Return (IRR) to higher education in Colombia we take advantage of the methodological approach provided by Heckman, Lochner and Todd (2005). Trying to overcome the criticism that surrounds interpretations of the education coefficient of Mincer equations as being the rate of return to investments in education we develop a more structured approach of estimation, which controls for selection bias, includes more accurate measures of labor income and the role of education costs and income taxes. Our results implied a lower rate of return than the ones found in the Colombian literature and show that the Internal Rate of Return for higher education in Colombia lies somewhere between 0.074 and 0.128. The results vary according to the year analyzed and individual’s gender. This last result reinforces considerations regarding gender discrimination in the Colombian labor market.

Enhancement of oxidation rate of a-Si nanoparticles during dehydrogenation

Oxidation of amorphous silicon (a-Si) nanoparticles grown by plasma-enhanced chemical vapor deposition were investigated. Their hydrogen content has a great influence on the oxidation rate at low temperature. When the mass gain is recorded during a heating ramp in dry air, an oxidation process at low temperature is identified with an onset around 250°C. This temperature onset is similar to that of hydrogen desorption. It is shown that the oxygen uptake during this process almost equals the number of hydrogen atoms present in the nanoparticles. To explain this correlation, we propose that oxidation at low temperature is triggered by the process of hydrogen desorption

Differential sensitivity to tonal frequency and to the rate of modulation of broad-band noise by hearing-impaired listeners

This dissertation examined whether a hearing impairment of the auditory end-organ has the same or a differential effect on the place and periodicity processes. Differential sensitivities for four normally hearing listeners and for both ears of five patients with unilateral Meniere’s disease were measured for tonal frequency and rate of sinusoidally amplitude-modulated noise at common frequencies and rates of the stimulus.

Diet digestibility, rate of passage, and eating and rumination behavior of Jersey and Holstein cows

Diet digestibility and rate of passage, eating and rumination behavior, dry matter intake (DMI), and lactation performance were compared in 6 Jersey and 6 Holstein multiparous cows. Cows were fed gestation diets according to body weight (BW) beginning 7 wk before expected calving and ad libitum amounts of a lactation diet postpartum. Diet digestibility and rate of passage were measured in 5-d periods at wk 5 prepartum and wk 6 and 14 of lactation. Eating and ruminating behavior was measured over 5-d periods at wk 5 and 2 prepartum and wk 2, 6, 10, and 14 of lactation. Milk yield and DMI were higher in Holsteins, but milk energy output per kilogram of metabolic BW (BW0.75) and intake capacity (DMI/kg of BW) did not differ between breeds. Holsteins spent longer ruminating per day compared with Jerseys, but daily eating time did not differ between breeds. Jerseys spent more time eating and ruminating per unit of ingested feed. The duration and number of meals consumed did not differ between breeds, but the meals consumed by Jerseys were distributed more evenly throughout each 24-h period, providing a more regular supply of feed to the rumen. Feed passed through the digestive tract more quickly in Jerseys compared with Holsteins, suggesting particle breakdown and rumen outflow were faster in Jerseys, but this may also reflect the relative size of their digestive tract. Neutral detergent fiber digestibility was greater in Jerseys, despite the shorter rumen retention time, but digestibility of dry matter, organic matter, starch, and N did not differ between breeds. Utilization of digested N for tissue retention was higher at wk 5 prepartum and lower at wk 14 of lactation in Jerseys. In contrast to numerous published studies, intake capacity of Jerseys was not higher than that of Holsteins, but in the present study, cows were selected on the basis of equal expected milk energy yield per kilogram of metabolic BW. Digestibility of neutral detergent fiber and rate of digesta passage were higher in Jerseys, probably as a consequence of increased mastication per unit of feed consumed in Jerseys and their smaller size.