Path to eurobonds. Bruegel Working Paper 2012/10, July 2012

This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financialmarkets and banks and, in the medium-term, help improve the euro area economic governance framework through enhanced fiscal discipline and risk-sharing. Many questions remain onwhether financial instruments can ever accomplish such goals without bold institutional and political decisions, and,whether, in the absence of such decisions, they can create new distortions. The proposals discussed are also not necessarily competing substitutes; rather, they can be complements to be sequenced along alternative paths that possibly culminate in a fully-fledged Eurobond. The specific path chosen by policymakers should allow for learning and secure the necessary evolution of institutional infrastructures and political safeguards.

Dual citizenship or dual identity? Does 'transnationalism' supplant 'nationalism' among returning Trinidadians?

In this article we focus on the dual identities of relatively young Trinidadians who have decided to return to the island of their birth, or of their parents, while still in their thirties and forties. Highly-educated professional transnational migrants mostly make tip our sample of 36; 26 possess dual citizenship. We focus on our informants' narratives about their transnational experiences, self-appraisals of their dual identities and how they value dual citizenship. More generally, we ask does transnationalism supplant nationalism among our returning informants? Unsurprisingly, the diverse responses we document do not support the commonly held explanatory relationship between return adaptations, 'national belonging' and the expected dominance of 'transnational belonging'. Family, relations intervene significantly, both to encourage transnationalism and to strengthen nationalism. Feelings of notional belonging often accompany transnationalism. Notably, we view dual citizenship strategically and pragmatically as advantageous to the continuation of transnational practices.

Assessing the sources and magnitude of diurnal nitrate variability in the San Joaquin River (California) with an in-situ optical nitrate sensor and dual nitrate isotopes

We investigated diurnal nitrate (NO3-) concentration variability in the San Joaquin River using an in situ optical NO3- sensor and discrete sampling during a 5-day summer period characterized by high algal productivity. Dual NO3- isotopes (delta N-15(NO3) and delta O-18(NO3)) and dissolved oxygen isotopes (delta O-18(DO)) were measured over 2 days to assess NO3- sources and biogeochemical controls over diurnal time-scales. Concerted temporal patterns of dissolved oxygen (DO) concentrations and delta O-18(DO) were consistent with photosynthesis, respiration and atmospheric O-2 exchange, providing evidence of diurnal biological processes independent of river discharge. Surface water NO3- concentrations varied by up to 22% over a single diurnal cycle and up to 31% over the 5-day study, but did not reveal concerted diurnal patterns at a frequency comparable to DO concentrations. The decoupling of delta N-15(NO3) and delta O-18(NO3) isotopes suggests that algal assimilation and denitrification are not major processes controlling diurnal NO3- variability in the San Joaquin River during the study. The lack of a clear explanation for NO3- variability likely reflects a combination of riverine biological processes and time-varying physical transport of NO3- from upstream agricultural drains to the mainstem San Joaquin River. The application of an in situ optical NO3- sensor along with discrete samples provides a view into the fine temporal structure of hydrochemical data and may allow for greater accuracy in pollution assessment.

Cloud properties and their seasonal and diurnal variability from TOVS path-B

Eight years of cloud properties retrieved from Television Infrared Observation Satellite-N (TIROS-N) Observational Vertical Sounder (TOVS) observations aboard the NOAA polar orbiting satellites are presented. The relatively high spectral resolution of these instruments in the infrared allows especially reliable cirrus identification day and night. This dataset therefore provides complementary information to the International Satellite Cloud Climatology Project (ISCCP). According to this dataset, cirrus clouds cover about 27% of the earth and 45% of the Tropics, whereas ISCCP reports 19% and 25%, respectively. Both global datasets agree within 5% on the amount of single-layer low clouds, at 30%. From 1987 to 1995, global cloud amounts remained stable to within 2%. The seasonal cycle of cloud amount is in general stronger than its diurnal cycle and it is stronger than the one of effective cloud amount, the latter the relevant variable for radiative transfer. Maximum effective low cloud amount over ocean occurs in winter in SH subtropics in the early morning hours and in NH midlatitudes without diurnal cycle. Over land in winter the maximum is in the early afternoon, accompanied in the midlatitudes by thin cirrus. Over tropical land and in the other regions in summer, the maximum of mesoscale high opaque clouds occurs in the evening. Cirrus also increases during the afternoon and persists during night and early morning. The maximum of thin cirrus is in the early afternoon, then decreases slowly while cirrus and high opaque clouds increase. TOVS extends information of ISCCP during night, indicating that high cloudiness, increasing during the afternoon, persists longer during night in the Tropics and subtropics than in midlatitudes. A comparison of seasonal and diurnal cycle of high cloud amount between South America, Africa, and Indonesia during boreal winter has shown strong similarities between the two land regions, whereas the Indonesian islands show a seasonal and diurnal behavior strongly influenced by the surrounding ocean. Deeper precipitation systems over Africa than over South America do not seem to be directly reflected in the horizontal coverage and mesoscale effective emissivity of high clouds.

Evaluation of a large-eddy model simulation of a mixed-phase altocumulus cloud using microwave radiometer, lidar and Doppler radar data

Using the Met Office large-eddy model (LEM) we simulate a mixed-phase altocumulus cloud that was observed from Chilbolton in southern England by a 94 GHz Doppler radar, a 905 nm lidar, a dual-wavelength microwave radiometer and also by four radiosondes. It is important to test and evaluate such simulations with observations, since there are significant differences between results from different cloud-resolving models for ice clouds. Simulating the Doppler radar and lidar data within the LEM allows us to compare observed and modelled quantities directly, and allows us to explore the relationships between observed and unobserved variables. For general-circulation models, which currently tend to give poor representations of mixed-phase clouds, the case shows the importance of using: (i) separate prognostic ice and liquid water, (ii) a vertical resolution that captures the thin layers of liquid water, and (iii) an accurate representation the subgrid vertical velocities that allow liquid water to form. It is shown that large-scale ascents and descents are significant for this case, and so the horizontally averaged LEM profiles are relaxed towards observed profiles to account for these. The LEM simulation then gives a reasonable. cloud, with an ice-water path approximately two thirds of that observed, with liquid water at the cloud top, as observed. However, the liquid-water cells that form in the updraughts at cloud top in the LEM have liquid-water paths (LWPs) up to half those observed, and there are too few cells, giving a mean LWP five to ten times smaller than observed. In reality, ice nucleation and fallout may deplete ice-nuclei concentrations at the cloud top, allowing more liquid water to form there, but this process is not represented in the model. Decreasing the heterogeneous nucleation rate in the LEM increased the LWP, which supports this hypothesis. The LEM captures the increase in the standard deviation in Doppler velocities (and so vertical winds) with height, but values are 1.5 to 4 times smaller than observed (although values are larger in an unforced model run, this only increases the modelled LWP by a factor of approximately two). The LEM data show that, for values larger than approximately 12 cm s(-1), the standard deviation in Doppler velocities provides an almost unbiased estimate of the standard deviation in vertical winds, but provides an overestimate for smaller values. Time-smoothing the observed Doppler velocities and modelled mass-squared-weighted fallspeeds shows that observed fallspeeds are approximately two-thirds of the modelled values. Decreasing the modelled fallspeeds to those observed increases the modelled IWC, giving an IWP 1.6 times that observed.

Improved and optimal dual circular 32-QAM for MB-OFDM

Quadrature Phase Shift Keying (QPSK) and Dual Carrier Modulation (DCM) are currently used as the modulation schemes for Multiband Orthogonal Frequency Division Multiplexing (MB-OFDM) in the ECMA-368 defined Ultra-Wideband (UWB) radio platform. ECMA-368 has been chosen as the physical radio platform for many systems including Wireless USB (W-USB), Bluetooth 3.0 and Wireless HDMI; hence ECMA-368 is an important issue to consumer electronics and the users’ experience of these products. To enable the transport of high-rate USB, ECMA-368 offers up to 480 Mb/s instantaneous bit rate to the Medium Access Control (MAC) layer, but depending on radio channel conditions dropped packets unfortunately result in a lower throughput. This paper presents improvement on a high data rate modulation scheme that fits within the configuration of the current standard increasing system throughput by achieving 600 Mb/s (reliable to 3.2 meters) thus maintaining the high rate USB throughput even with a moderate level of dropped packets. The modulation system is termed improved and optimal Dual Circular 32-QAM (DC 32-QAM). The system performance for improved and optimal DC 32-QAM modulation is presented and compared with previous DC 32- QAM, 16-QAM and DCM.