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).

Lightweight deformable mirrors for future space telescopes

This thesis presents a concept for ultra-lightweight deformable mirrors based on a thin substrate of optical surface quality coated with continuous active piezopolymer layers that provide modes of actuation and shape correction. This concept eliminates any kind of stiff backing structure for the mirror surface and exploits micro-fabrication technologies to provide a tight integration of the active materials into the mirror structure, to avoid actuator print-through effects. Proof-of-concept, 10-cm-diameter mirrors with a low areal density of about 0.5 kg/m² have been designed, built and tested to measure their shape-correction performance and verify the models used for design. The low cost manufacturing scheme uses replication techniques, and strives for minimizing residual stresses that deviate the optical figure from the master mandrel. It does not require precision tolerancing, is lightweight, and is therefore potentially scalable to larger diameters for use in large, modular space telescopes. Other potential applications for such a laminate could include ground-based mirrors for solar energy collection, adaptive optics for atmospheric turbulence, laser communications, and other shape control applications.

The immediate application for these mirrors is for the Autonomous Assembly and Reconfiguration of a Space Telescope (AAReST) mission, which is a university mission under development by Caltech, the University of Surrey, and JPL. The design concept, fabrication methodology, material behaviors and measurements, mirror modeling, mounting and control electronics design, shape control experiments, predictive performance analysis, and remaining challenges are presented herein. The experiments have validated numerical models of the mirror, and the mirror models have been used within a model of the telescope in order to predict the optical performance. A demonstration of this mirror concept, along with other new telescope technologies, is planned to take place during the AAReST mission.

Analysis of the differences between the rates of inflation associated with two aggregate price level: The case of the euro area and the United States

Idioma: Inglés Abstract: This project focuses on two indicators of prices, the GDP deflator and the consumer price index (CPI), and analyzes the differences and similarities they present. These price indexes have been chosen taking into account its great representativeness and importance to economic and social level, and its direct relationship to the overall functioning of the economy and, in particular, inflation. It should be also mentioned that this study was conducted for cases of the euro area and the United States, as the impact of these economies in the economic and social situation at international level is very significant.

Assessment of the hydrogeological impacts of aggregate extraction in the Delamere area, Cheshire

This is a technical report on the assessment of the hydrogeological impacts of aggregate extraction activities in the Delamere Area, Cheshire. The first aim of the study was to carry out Stage 3-appropriate assessment, under the EU Habitats Directive (92/43/EEC), of the possible hydrogeological impacts of aggregate extraction activities authorised by the Cheshire CC on candidate Special Areas of Conservation (cSAC) on the Delamere sandsheet, Cheshire. Identifying possible impacts if these activities on the hydrogeological environment, construction of a numerical groundwater flow model of the groundwater system to investigate and quantify impacts and to produce a report as required under Stage 3 of the Habitats Regulations. Secondly, to identify the future potential impacts of the continued extraction of sand and gravel reserves from above and below the water tables from within the Delamere sandsheet, thus releasing reserves identified within the Area of Search of the Cheshire Replacement Minerals Local Plan 1999. This aspect of the study should assist in identifying the implications of further working within Delamere for North West sub-regional apportionment.

The technical potential for reducing metal requirements through lightweight product design

Metal production consumes around 10% of all global energy, so is a significant driver of climate change and other concerns about sustainability. Demand for metal is rising and forecast to double by 2050 through a combination of growing total demand from developing countries, and ongoing replacement demand in developed economies. Metal production is already extremely efficient, so the major opportunities for emissions abatement in the sector are likely to arise from material efficiency - using less new metal to meet demand for services. Therefore this paper examines the opportunity to reduce requirements for steel and aluminium by lightweight design. A set of general principles for lightweight design are proposed by way of a simple analytical example, and are then applied to five case study products which cumulatively account for 30% of global steel product output. It is shown that exploiting lightweight design opportunities for these five products alone could reduce global steel requirements by 5%, and similar savings in aluminium products could reduce global aluminium requirements by 7%. If similar savings to those in the design case studies were possible in all steel and aluminium products, total material requirements could be reduced by 25-30%. However, many of these light-weighting measures are, at present, economically unattractive, and may take many years to implement. © 2011 Elsevier B.V. All rights reserved.