The international economic crisis from point of view of the social market economy

Conferencia dictada el día miércoles 8 de agosto de 2012 como parte de la Cátedra Konrad Adenauer, “Escuela de Economía Francisco Valsecchi” de la Pontificia Universidad Católica Argentina (UCA).

Symmetrical 2-D Hermite-Gaussian square launch for high bit rate transmission in multimode fiber links

A 2-D Hermite-Gaussian square launch is demonstrated to show improved systems capacity over multimode fiber links. It shows a bandwidth improvement over both center and offset launches and exhibits ±5 μm misalignment tolerance. © 2011 Optical Society of America.

Control Of Vortex Shedding From A Square Cylinder

Small circular, square, and thin-strip cross-sectional elements are used to suppress vortex shedding from a square cylinder at Reynolds numbers in the range of 1.12 x 10(4)-1.02 x 10(5). The axes of the element and cylinder are parallel. The element's size, position, and angle of attack are varied. Measurements of the fluctuating surface pressures and wake velocities, together with smoke flow visualization, show that vortex shedding from both sides of the cylinder is suppressed and the mean drag and fluctuating lift on the cylinder is reduced if the element is installed in an effective zone downstream of the cylinder. The effective zone of the circular element is shown to be much smaller than those of the other elements. The effects of Reynolds number and blockage ratio are investigated. A phenomenon of monoside vortex shedding is observed. The role of the element's bluffness is investigated and the suppression mechanism is discussed.

A Note On The Numerical Simulations Of Flow Past A Wavy Square-Section Cylinder

The flow past a square-section cylinder with a geometric disturbance is investigated by numerical simulations. The extra terms, due to the introduction of mapping transformation simulating the effect of disturbance into the transformed Navier-Stokes equations, are correctly derived, and the incorrect ones in the previous literature are pointed out and analyzed. Furthermore, the relationship between the vorticity, especially on the cylinder surface, and the disturbance is derived and explained theoretically. The computations are performed at two Reynolds numbers of 100 and 180 and three amplitudes of waviness of 0.006, 0.025 and 0.167 with another aim to explore the effects of different Reynolds numbers and disturbance on the vortex dynamics in the wake and forces on the body. Numerical results have shown that, at the mild waviness of 0.025, the Karman vortex shedding is suppressed completely for Re = 100, while the forced vortex dislocation is appeared in the near wake at the Reynolds number of 180. The drag reduction is up to 21.6% at Re = 100 and 25.7% at Re = 180 for the high waviness of 0.167 compared with the non-wavy cylinder. The lift and the Strouhal number varied with different Reynolds numbers and the wave steepness are also obtained.

Sediment incipience in turbulence generated in a square tank by a vertically oscillating grid

The failure of hydraulic structures in many estuaries and coastal regions around the world has been attributed to sediment transport and local scour. The sediment incipience in homogenous turbulence generated by oscillating grid is studied in this paper. The turbulent flow is measured by particle tracer velocimetry (PTV) technique. The integral length scale and time scale of turbulence are obtained. The turbulent flow near the wall is measured by local optical magnification. The sediment incipience is described by static theory. The relationship of probability of sediment incipience and the turbulent kinetic energy were obtained experimentally and theoretically. The distribution of the turbulent kinetic energy near the wall is found to obey the power law and the turbulent energy is further identified as the dynamic mechanism of sediment incipience.

Did bankruptcy reform lead to looser mortgage lending standard? : evidence from the U. S. mortgage market 2000-2007

Resumen: El presente trabajo intenta encontrar una causa exógena al deterioro, a partir de 2005, en los estándares de crédito hipotecario que contribuyeron a la crisis subprime en los Estados Unidos. Sostenemos que la nueva provisión de la prueba de medios de la ley Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) de 2005 fue dicho shock exógeno en el mercado hipotecario. Mostramos que la prueba de medios, que impide solicitar la bancarrota bajo Chapter 7 a los deudores con mayores ingresos relativos, causó un desplazamiento de la oferta de crédito hipotecario de deudores con mayores ingresos a deudores con menores ingresos relativos. Simultáneamente, observamos que todos los deudores debieron pagar tasas de interés más altas, independientemente del nivel de ingresos. Nuestros resultados implican que la ley BAPCPA podría ser un factor que contribuyó al deterioro en los estándares de crédito en el mercado hipotecario de los Estados Unidos.

Triple-region structure for turbulent-flow in a square duct - a finite-element approach

The Reynolds-averaged Navier-Stokes equations for describing the turbulent flow in a straight square duct are formulated with two different turbulence models. The governing equations are then expanded as a multi-deck structure in a plane perpendicular to the streamwise direction, with each deck characterized by its dominant physical forces as commonly carried out in analytical work using triple-deck expansion. The resulting equations are numerically integrated using higher polynomial (H-P) finite element technique for each cross-sectional plane to be followed by finite difference representation in the streamwise direction until a fully developed state is reached. The computed results using the two different turbulence models show fair agreement with each other, and concur with the vast body of available experimental data. There is also general agreement between our results and the recent numerical works anisotropic k-epsilon turbulence model.

Computation of turbulent-flow in a square duct - aspects of the secondary flow and its origin

A numerical study of turbulent flow in a straight duct of square cross-section is made. An order-of-magnitude analysis of the 3-D, time-averaged Navier-Stokes equations resulted in a parabolic form of the Navier-Stokes equations. The governing equations, expressed in terms of a new vector-potential formulation, are expanded as a multi-deck structure with each deck characterized by its dominant physical forces. The resulting equations are solved using a finite-element approach with a bicubic element representation on each cross-sectional plane. The numerical integration along the streamwise direction is carried out with finite-difference approximations until a fully-developed state is reached. The computed results agree well with other numerical studies and compare very favorably with the available experimental data. One important outcome of the current investigation is the interpretation analytically that the driving force of the secondary flow in a square duct comes mainly from the second-order terms of the difference in the gradients of the normal and transverse Reynolds stresses in the axial vorticity equation.

Upwind compact method and direct numerical-simulation of driven flow in a square cavity

A high-order accurate finite-difference scheme, the upwind compact method, is proposed. The 2-D unsteady incompressible Navier-Stokes equations are solved in primitive variables. The nonlinear convection terms in the governing equations are approximated by using upwind biased compact difference, and other spatial derivative terms are discretized by using the fourth-order compact difference. The upwind compact method is used to solve the driven flow in a square cavity. Solutions are obtained for Reynolds numbers as high as 10000. When Re less than or equal to 5000, the results agree well with those in literature. When Re = 7500 and Re = 10000, there is no convergence to a steady laminar solution, and the flow becomes unsteady and periodic.

The Impact of Regulation on Pricing Behavior in the Spanish Electricity Market

In this paper we measure the impact of regulatory measures which affected the Spanish electricity wholesale market in the period 2002-2005. Our approach is based on the fact that regulation changes firms' incentives and therefore their market behavior. In the absence of any regulation firms would choose profit- maximizing prices on their residual demands so that the observed gap between optimal and actual prices provides a measure of the effect of regulation. Our results indicate that regulation has decreased wholesale prices considerably, but became less effective at the end of the sample period which explains the change of regulatory regime introduced in 2006.

Unions, Monetary Shocks and the Labour Market Cycle

Published as an article in: Economic Modelling, 2011, vol. 28, issue 3, pages 1140-1149.

The Importance of Stock Market Returns in Estimated Monetary Policy Rules: a Structural Approach

This paper estimates a standard version of the New Keynesian Monetary (NKM) model augmented with financial variables in order to analyze the relative importance of stock market returns and term spread in the estimated U.S. monetary policy rule. The estimation procedure implemented is a classical structural method based on the indirect inference principle. The empirical results show that the Fed seems to respond to the macroeconomic outlook and to the stock market return but does not seem to respond to the term spread. Moreover, policy inertia and persistent policy shocks are also significant features of the estimated policy rule.