Income Taxation and Growth in an OLG Economy: Does Aggregate Uncertainty Play any Role?

We analyze the effects of capital income taxation on long-run growth in a stochastic, two-period overlapping generations economy. Endogenous growth is driven by a positive externality of physical capital in the production sector that makes firms exhibit an aggregate technology in equilibrium. We distinguish between capital income and labor income, and between attitudes towards risk and intertemporal substitution of consumption. We show necessary and sufficient conditions such that i) increments in the capital income taxation lead to higher equilibrium growth rates, and ii) the effect of changes in the capital income tax rate on the equilibrium growth may be of opposite signs in stochastic and in deterministic economies. Such a sign reversal is shown to be more likely depending on i) how the intertemporal elasticity of substitution compares to one, and ii) the size of second- period labor supply. Numerical simulations show that for reasonable values of the intertemporal elasticity of substitution, a sign reversal shows up only for implausibly high values of the second- period’s labor supply. The conclusion is that deterministic OLG economies are a good approximation of the effect of taxes on the equilibrium growth rate as in Smith (1996).

An austerity-driven energy reform

In July 2013, the government approved a major overhaul of the Spanish electricity sector to correct existing imbalances that have led to an exponential increase of regulated electricity costs and a huge tariff deficit. The reform addresses the problem of financial sustainability of the sector, severely affected by weak demand and overcapacity. Previous regulation introduced in 2012 and early 2013, also aimed at restoring financial stability of the sector, failed to correct the tariff shortfall and new regulatory measures were needed to reduce the 4.5 billion euros forecasted deficit for 2013. The frequent change of the rules of the game in the sector has created regulatory uncertainty, more so as it is not clear that the present reform will be sufficient to eliminate the deficit. Moreover, the government has left the door open to new regulation that would deal with the price formation system. In general, short run financial criteria have prevailed, while efficiency principles and a long run perspective have little weight in the reform.

The ionic exclusion-enrichment in a hybrid micro-/nano-channel

An ionic exclusion-enrichment phenomenon has been found at the ends of a nano-channel when electric-driven fluid passes through a micro-/nano-hybrid channel [1-3]. In our experiments, the hybrid channels are fabricated with two poly-dimethysiloxane (PDMS) monoliths microchannels (100um X20um X 9mm) and a nanoporous polycarbonate nuclear track-etched (PCTE) membrane (with 50nm pores). The flows are driven under different electrical potential and the test liquids with different PH values are used. The ion depletion in the source channel is observed by the MicroPIV system. In addition, the numerical simulations about ionic exclusion-enrichment in the hybrid channel are carried out. Some results are as followed:

Influence of Contact Angle and Tube Size on Capillary-Driven Flow Under Microgravity

The influence of contact angle and tube radius on the capillary-driven flow for circular cylindrical tubes is studied systematically by microgravity experiments using the drop tower. Experimental results show that the velocity of the capillary flow decreases monotonically with an increase in the contact angle. However, the time-evolution of the velocity of the capillary flow is different for different sized tubes. At the beginning of the microgravity period, the capillary flow in a thinner tube moves faster than that in a thicker tube, and then the latter overtakes the former. Therefore, there is an intersection between the curves of meniscus velocity vs microgravity time for two differently sized tubes. In addition, for two given sized tubes this intersection is delayed when the contact angle increases. The experimental results are analyzed theoretically and also supported by numerical computations.

Electron dynamics and harmonics emission spectra due to electron oscillation driven by intense laser pulses

The dynamics and harmonics emission spectra due to electron oscillation driven by intense laser pulses have been investigated considering a single electron model. The spectral and angular distributions of the harmonics radiation are numerically analyzed and demonstrate significantly different characteristics from those of the low-intensity field case. Higher-order harmonic radiation is possible for a sufficiently intense driving laser pulse. A complex shifting and broadening structure of the spectrum is observed and analyzed for different polarization. For a realistic pulsed photon beam, the spectrum of the radiation is redshifted for backward radiation and blueshifted for forward radiation, and spectral broadening is noticed. This is due to the changes in the longitudinal velocity of the electron during the laser pulse. These effects are much more pronounced at higher laser intensities giving rise to even higher-order harmonics that eventually leads to a continuous spectrum. Numerical simulations have further shown that broadening of the high harmonic radiation can be limited by increasing the laser pulse width. The complex shifting and broadening of the spectra can be employed to characterize the ultrashort and ultraintense laser pulses and to study the ultrafast dynamics of the electrons. (c) 2006 American Institute of Physics.

Energetic protons emitted from coulomb explosion dynamics of large-sized hydrogen clusters driven by an ultrashort intense laser pulse

Protons with very high kinetic energy of about 10keV and the saturation effect of proton energy for laser intensity have been observed in the interaction of an ultrashort intense laser pulse with large-sized hydrogen clusters. Including the cluster-size distribution as well as the laser-intensity distribution on the focus spot, the theoretical calculations based on a simplified Coulomb explosion model have been compared with our experimental measurements, which are in good agreement with each other.