Inventory of real estate on Wall Street

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Studies on the international effects of real shocks

This doctoral thesis addresses the macroeconomic effects of real shocks in open economies in flexible exchange rate regimes. The first study of this thesis analyses the welfare effects of fiscal policy in a small open economy, where private and government consumption are substitutes in terms of private utility. The main findings are as follows: fiscal policy raises output, bringing it closer to its efficient level, but is not welfare-improving even though government spending directly affects private utility. The main reason for this is that the introduction of useful government spending implies a larger crowding-out effect on private consumption, when compared with the `pure waste' case. Utility decreases since one unit of government consumption yields less utility than one unit of private consumption. The second study of this thesis analyses the question of how the macroeconomic effects of fiscal policy in a small open economy depend on optimal intertemporal behaviour. The key result is that the effects of fiscal policy depend on the size of the elasticity of substitution between traded and nontraded goods. In particular, the sign of the current account response to fiscal policy depends on the interplay between the intertemporal elasticity of aggregate consumption and the elasticity of substitution between traded and nontraded goods. The third study analyses the consequences of productive government spending on the international transmission of fiscal policy. A standard result in the New Open Economy Macroeconomics literature is that a fiscal shock depreciates the exchange rate. I demonstrate that the response of the exchange rate depends on the productivity of government spending. If productivity is sufficiently high, a fiscal shock appreciates the exchange rate. It is also shown that the introduction of productive government spending increases both domestic and foreign welfare, when compared with the case where government spending is wasted. The fourth study analyses the question of how the international transmission of technology shocks depends on the specification of nominal rigidities. A growing body of empirical evidence suggests that a positive technology shock leads to a temporary decline in employment. In this study, I demonstrate that the open economy dimension can enhance the ability of sticky price models to account for the evidence. The reasoning is as follows. An improvement in technology appreciates the nominal exchange rate. Under producer-currency pricing, the exchange rate appreciation shifts global demand toward foreign goods away from domestic goods. This causes a temporary decline in domestic employment.

ORP1L, a new Rab7 effector and regulator of late endosome functions

Oxysterol binding protein (OSBP) homologues have been found in eukaryotic organisms ranging from yeast to humans. These evolutionary conserved proteins have in common the presence of an OSBP-related domain (ORD) which contains the fully conserved EQVSHHPP sequence motif. The ORD forms a barrel structure that binds sterols in its interior. Other domains and sequence elements found in OSBP-homologues include pleckstrin homology domains, ankyrin repeats and two phenylalanines in an acidic tract (FFAT) motifs, which target the proteins to distinct subcellular compartments. OSBP homologues have been implicated in a wide range of intracellular processes, including vesicle trafficking, lipid metabolism and cell signaling, but little is known about the functional mechanisms of these proteins. The human family of OSBP homologues consists of twelve OSBP-related proteins (ORP). This thesis work is focused on one of the family members, ORP1, of which two variants were found to be expressed tissue-specifically in humans. The shorter variant, ORP1S contains an ORD only. The N-terminally extended variant, ORP1L, comprises a pleckstrin homology domain and three ankyrin repeats in addition to the ORD. The two ORP1 variants differ in intracellular localization. ORP1S is cytosolic, while the ankyrin repeat region of ORP1L targets the protein to late endosomes/lysosomes. This part of ORP1L also has profound effects on late endosomal morphology, inducing perinuclear clustering of late endosomes. A central aim of this study was to identify molecular interactions of ORP1L on late endosomes. The morphological changes of late endosomes induced by overexpressed ORP1L implies involvement of small Rab GTPases, regulators of organelle motility, tethering, docking and/or fusion, in generation of the phenotype. A direct interaction was demonstrated between ORP1L and active Rab7. ORP1L prolongs the active state of Rab7 by stabilizing its GTP-bound form. The clustering of late endosomes/lysosomes was also shown to be linked to the minus end-directed microtubule-based dynein-dynactin motor complex through the ankyrin repeat region of ORP1L. ORP1L, Rab7 and the Rab7-interacting lysosomal protein (RILP) were found to be part of the same effector complex recruiting the dynein-dynactin complex to late endosomes, thereby promoting minus end-directed movement. The proteins were found to be physically close to each other on late endosomes and RILP was found to stabilize the ORP1L-Rab7 interaction. It is possible that ORP1L and RILP bind to each other through their C-terminal and N-terminal regions, respectively, when they are bridged by Rab7. With the results of this study we have been able to place a member of the uncharacterized OSBP-family, ORP1L, in the endocytic pathway, where it regulates motility and possibly fusion of late endosomes through interaction with the small GTPase Rab7.

Thermodynamic consistency of the ternary functions

A ternary thermodynamic function has been developed based on statistico-thermodynamic considerations, with a particular emphasis on the higher-order terms indicating the effects of truncation at the various stages of the treatment. Although the truncation of a series involved in the equation introduces inconsistency, the latter may be removed by imposing various thermodynamic boundary conditions. These conditions are discussed in the paper. The present equation with higher-order terms shows that the α function of a component reduces to a quadratic function of composition at constant compositional paths involving the other two components in the system. The form of the function has been found to be representative of various experimental observations.

Specification of Real-Time Systems

Inspite of numerous research advancements made in recent years in the area of formal techniques, specification of real-time systems is still proving to be a very challenging and difficult problem. In this context, this paper critically examines state-of-the-art specification techniques for real-time systems and analyzes the emerging trends.

Derivation and consistency of the partial functions of the ternary system involving interaction coefficients

The logarithm of activity coefficients of the components of the ternary system is derived based on the Maclaurin infinite series, which is expressed in terms of the integral property of the system and subjected to appropriate boundary conditions. The derivation of the functions involves extensive summation of various infinite series pertaining to the first-order interaction coefficients that have been shown completely to remove any truncational error. Since the conventional equations involving interaction coefficients are internally inconsistent, a consistent form of the partial functions is developed in the article using the technique just described. The thermodynamic consistency of the functions based on the Maxwell and the Gibbs-Duhem relations has been established. The derived values of the logarithmic activity coefficients of the components have been found to be in agreement with the thermodynamic data of the Fe-Cr-Ni system at 1873 K and have been found to be independent of the compositional paths.

S-nets: A Petri net based model for performance evaluation of real-time scheduling algorithms

A new class of nets, called S-nets, is introduced for the performance analysis of scheduling algorithms used in real-time systems Deterministic timed Petri nets do not adequately model the scheduling of resources encountered in real-time systems, and need to be augmented with resource places and signal places, and a scheduler block, to facilitate the modeling of scheduling algorithms. The tokens are colored, and the transition firing rules are suitably modified. Further, the concept of transition folding is used, to get intuitively simple models of multiframe real-time systems. Two generic performance measures, called �load index� and �balance index,� which characterize the resource utilization and the uniformity of workload distribution, respectively, are defined. The utility of S-nets for evaluating heuristic-based scheduling schemes is illustrated by considering three heuristics for real-time scheduling. S-nets are useful in tuning the hardware configuration and the underlying scheduling policy, so that the system utilization is maximized, and the workload distribution among the computing resources is balanced.

Two-Parameter Uniformly Elliptic Sturm–Liouville Problems With Eigenparameter-Dependent Boundary Conditions

We consider the two-parameter Sturm–Liouville system $$ -y_1''+q_1y_1=(\lambda r_{11}+\mu r_{12})y_1\quad\text{on }[0,1], $$ with the boundary conditions $$ \frac{y_1'(0)}{y_1(0)}=\cot\alpha_1\quad\text{and}\quad\frac{y_1'(1)}{y_1(1)}=\frac{a_1\lambda+b_1}{c_1\lambda+d_1}, $$ and $$ -y_2''+q_2y_2=(\lambda r_{21}+\mu r_{22})y_2\quad\text{on }[0,1], $$ with the boundary conditions $$ \frac{y_2'(0)}{y_2(0)} =\cot\alpha_2\quad\text{and}\quad\frac{y_2'(1)}{y_2(1)}=\frac{a_2\mu+b_2}{c_2\mu+d_2}, $$ subject to the uniform-left-definite and uniform-ellipticity conditions; where $q_{i}$ and $r_{ij}$ are continuous real valued functions on $[0,1]$, the angle $\alpha_{i}$ is in $[0,\pi)$ and $a_{i}$, $b_{i}$, $c_{i}$, $d_{i}$ are real numbers with $\delta_{i}=a_{i}d_{i}-b_{i}c_{i}>0$ and $c_{i}\neq0$ for $i,j=1,2$. Results are given on asymptotics, oscillation of eigenfunctions and location of eigenvalues.

The role of surface texture on friction and transfer layer formation during repeated sliding of Al-4Mg against steel

In the present investigation, various kinds of textures, namely, unidirectional, 8-ground, and random were attained on the die surfaces. Roughness of the textures was varied using different grits of emery papers or polishing powders. Then pins made of Al-4Mg alloys were slid against steel plates at various numbers of cycles, namely, 1, 3, 5, 10 and 20 using pin-on-plate reciprocating sliding tester. Tests were conducted at a sliding velocity of 2 minis in ambient conditions under both dry and lubricated conditions. A constant normal load of 35 N was applied in the tests. The morphologies of the worn surfaces of the pins and the formation of transfer layer on the counter surfaces were observed using a scanning electron microscope. Surface roughness parameters of the plates were measured using an optical profilometer. In the experiments, it was observed that the coefficient of friction and formation of the transfer layer depend on the die surface textures under both dry and lubricated conditions. More specifically, the coefficient of friction decreases for unidirectional and 8-ground surfaces while for random surfaces it increases with number of cycles. However, the coefficient of friction is highest for the sliding perpendicular to the unidirectional textures and least for the random textures under both dry and lubricated conditions. The difference in friction values between these two surfaces decreases with increasing number of cycles. The variation in the coefficient of friction under both dry and lubrication conditions is attributed to the change in texture of the surfaces during sliding. (C) 2011 Elsevier B.V. All rights reserved.

Measurement of probability-distribution functions sensitive technique for the study of conduction phenomena in liquid dielectrics

The paper outlines a technique for sensitive measurement of conduction phenomena in liquid dielectrics. The special features of this technique are the simplicity of the electrical system, the inexpensive instrumentation and the high accuracy. Detection, separation and analysis of a random function of current that is superimposed on the prebreakdown direct current forms the basis of this investigation. In this case, prebreakdown direct current is the output data of a test cell with large electrodes immersed in a liquid medium subjected to high direct voltages. Measurement of the probability-distribution function of a random fluctuating component of current provides a method that gives insight into the mechanism of conduction in a liquid medium subjected to high voltages and the processes that are responsible for the existence of the fluctuating component of the current.