Do technology shocks drive hours up or down? A little evidence from an agnostic procedure

This paper analyzes the robustness of the estimate of a positive productivity shock on hours to the presence of a possible unit root in hours. Estimations in levels or in first differences provide opposite conclusions. We rely on an agnostic procedure in which the researcher does not have to choose between a specification in levels or in first differences. We find that a positive productivity shock has a negative impact effect on hours, but the effect is much shorter lived, and disappears after two quarters. The effect becomes positive at business-cycle frequencies, although it is not significant. © 2005 Cambridge University Press.

Observation of Collisionless Shocks in Laser-Plasma Experiments

The propagation in a rarefied plasma (n(e)less than or similar to 10(15) cm(-3)) of collisionless shock waves and ion-acoustic solitons, excited following the interaction of a long (tau(L)similar to 470 ps) and intense (I similar to 10(15) W cm(-2)) laser pulse with solid targets, has been investigated via proton probing techniques. The shocks' structures and related electric field distributions were reconstructed with high spatial and temporal resolution. The experimental results were interpreted within the framework of the nonlinear wave description based on the Korteweg-de Vries-Burgers equation.

A framework for assessing the vulnerability of food systems to future shocks

Modem society depends on complex agro-ecological and trading systems to provide food for urban residents, yet there are few tools available to assess whether these systems are vulnerable to future disturbances. We propose a preliminary framework to assess the vulnerability of food systems to future shocks based on landscape ecology's 'Panarchy Framework'. According to Panarchy, ecosystem vulnerability is determined by three generic characteristics: (1) the wealth available in the system, (2) how connected the system is, and (3) how much diversity exists in the system. In this framework, wealthy, non-diverse, tightly connected systems are highly vulnerable. The wealth of food systems can be measured using the approach pioneered by development economists to assess how poverty affects food security. Diversity can be measured using the tools investors use to measure the diversity of investment portfolios to assess financial risk. The connectivity of a system can be evaluated with the tools chemists use to assess the pathways chemicals use to flow through the environment. This approach can lead to better tools for creating policy designed to reduce vulnerability, and can help urban or regional planners identify where food systems are vulnerable to shocks and disturbances that may occur in the future. (c) 2005 Elsevier Ltd. All rights reserved.

SiO in G34.26: Outflows and shocks in a high mass star forming region

We have looked for SiO emission as evidence of shocks in the high mass star formation region G34.26+0.15. JCMT, VLA and FCRAO observations show that SiO emission is widespread across the region. The SiO emission highlights a massive, collimated out ow and other regions where stellar winds are interacting with molecular clumps. As in other star forming regions, there is also SiO at ambient velocities which is related to the out ow activity. No strong SiO abundance enhancement was measured in either the out ow or the low velocity gas, though abundances up to 10(-8) are possible if the SiO is locally enhanced in clumps and optically thick. SiO emission is not detected from the hot core itself, indicating either that SiO is not strongly enhanced in the hot core or that column densities in the region where grain mantle evaporation has taken place are low. In line of sight spiral arm clouds, we measure a SiO abundance of 0.4-2 x 10(-10), consistent with previous estimates for quiescent clouds.

Commonality in Returns, Order Flows, and Liquidity in the Greek Stock Market

Using a unique high-frequency data-set on a comprehensive sample of Greek blue-chip stocks, spanning from September 2003 through March 2006, this note assesses the extent and role of commonality in returns, order flows (OFs), and liquidity. It also formally models aggregate equity returns in terms of aggregate equity OF, in an effort to clarify OF's importance in explaining returns for the Athens Exchange market. Almost a quarter of the daily returns in the FTSE/ATHEX20 index is explained by aggregate own OF. In a second step, using principal components and canonical correlation analyses, we document substantial common movements in returns, OFs, and liquidity, both on a market-wide basis and on an individual security basis. These results emphasize that asset pricing and liquidity cannot be analyzed in isolation from each other.

Discretization of highly persistent correlated AR(1) shocks

The finite state Markov-chain approximation methods developed by Tauchen (1986) and Tauchen and Hussey (1991) are widely used in economics, finance and econometrics to solve functional equations in which state variables follow autoregressive processes. For highly persistent processes, the methods require a large number of discrete values for the state variables to produce close approximations which leads to an undesirable reduction in computational speed, especially in a multivariate case. This paper proposes an alternative method of discretizing multivariate autoregressive processes. This method can be treated as an extension of Rouwenhorst's (1995) method which, according to our finding, outperforms the existing methods in the scalar case for highly persistent processes. The new method works well as an approximation that is much more robust to the number of discrete values for a wide range of the parameter space.

High pressures generated by laser driven shocks: applications to planetary physics

High power lasers are a tool that can be used to determine important parameters in the context of Warm Dense Matter, i.e. at the convergence of low-temperature plasma physics and finite-temperature condensed matter physics. Recent results concerning planet inner core materials such as water and iron are presented. We determined the equation of state, temperature and index of refraction of water for pressures up to 7 Mbar. The release state of iron in a LiF window allowed us to investigate the melting temperature near the inner core boundary conditions. Finally, the first application of proton radiography to the study of shocked material is also discussed.

Particle simulation study of electron heating by counter-streaming ion beams ahead of supernova remnant shocks

The growth and saturation of Buneman-type instabilities is examined with a particle-in-cell (PIC) simulation for parameters that are representative for the foreshock region of fast supernova remnant shocks. A dense ion beam and the electrons correspond to the upstream plasma and a fast ion beam to the shock-reflected ions. The purpose of the 2D simulation is to identify the nonlinear saturation mechanisms, the electron heating and potential secondary instabilities that arise from anisotropic electron heating and result in the growth of magnetic fields. We confirm that the instabilities between both ion beams and the electrons saturate by the formation of phase space holes by the beam-aligned modes. The slower oblique modes accelerate some electrons, but they cannot heat up the electrons significantly before they are trapped by the faster beam-aligned modes. Two circular electron velocity distributions develop, which are centred around the velocity of each ion beam. They develop due to the scattering of the electrons by the electrostatic wave potentials. The growth of magnetic fields is observed, but their amplitude remains low.