Nonlinear Monetary Policy Rules: Some New Evidence for the U.S.

This paper derives optimal monetary policy rules in setups where certainty equivalence does not hold because either central bank preferences are not quadratic, and/or the aggregate supply relation is nonlinear. Analytical results show that these features lead to sign and size asymmetries, and nonlinearities in the policy rule. Reduced-form estimates indicate that US monetary policy can be characterized by a nonlinear policy rule after 1983, but not before 1979. This finding is consistent with the view that the Fed's inflation preferences during the Volcker-Greenspan regime differ considerably from the ones during the Burns-Miller regime.

Multimodal carrier liability in the U.S. and Canada : towards uniformity of applicable rules?

"Thèse présentée à la Faculté des études supérieures en vue de l'obtention du grade de Docteur en Droit (LL.D.) et à la Faculté de Droit et de Sciences Politiques de l'Université de Nantes en vue de l'obtention du grade de Docteur"

Sum rules and correlations in asymmetric nuclear matter

The neutron and proton single-particle spectral functions in asymmetric nuclear matter fulfill energy-weighted sum rules. The validity of these sum rules within the self-consistent Green's function approach is investigated. The various contributions to these sum rules and their convergence as a function of energy provide information about correlations induced by the realistic interaction between the nucleons. The study of the sum rules in asymmetric nuclear matter exhibits the isospin dependence of the nucleon-nucleon correlations.

Die Privatisierung der Öffentlichen Personennahverkehrs (ÖPNV) und die damit verbundene Problematik des marktwirtschaftlichen und interventionistischen Dualismus am Beispiel des Schienenpersonennahverkehrs (SPNV) in der Fläche

Der SPNV als Bestandteil des ÖPNV bildet einen integralen Bestandteil der öffentlichen Daseinsvorsorge. Insbesondere Flächenregionen abseits urbaner Ballungszentren erhalten durch den SPNV sowohl ökonomisch als auch soziokulturell wichtige Impulse, so dass die Zukunftsfähigkeit dieser Verkehrsart durch geeignete Gestaltungsmaßnahmen zu sichern ist. ZIELE: Die Arbeit verfolgte das Ziel, derartige Gestaltungsmaßnahmen sowohl grundlagentheoretisch herzuleiten als auch in ihrer konkreten Ausformung für die verkehrswirtschaftliche Praxis zu beschreiben. Abgezielt wurde insofern auf strukturelle Konzepte als auch praktische Einzelmaßnahmen. Der Schwerpunkt der Analyse erstreckte sich dabei auf Deutschland, wobei jedoch auch verkehrsbezogene Privatisierungserfahrungen aus anderen europäischen Staaten und den USA berücksichtigt wurden. METHODEN: Ausgewertet wurden deutschsprachige als auch internationale Literatur primär verkehrswissenschaftlicher Ausrichtung sowie Fallbeispiele verkehrswirtschaftlicher Privatisierung. Darüber hinaus wurden Entscheidungsträger der Deutschen Bahn (DB) und DB-externe Eisenbahnexperten interviewt. Eine Gruppe 5 DB-interner und 5 DB-externer Probanden nahm zusätzlich an einer standardisierten Erhebung zur Einschätzung struktureller und spezifischer Gestaltungsmaßnahmen für den SPNV teil. ERGEBNISSE: In struktureller Hinsicht ist die Eigentums- und Verfügungsregelung für das gesamte deutsche Bahnwesen und den SPNV kritisch zu bewerten, da der dominante Eisenbahninfrastrukturbetreiber (EIU) in Form der DB Netz AG und die das Netz nutzenden Eisenbahnverkehrs-Unternehmen (EVUs, nach wie vor zumeist DB-Bahnen) innerhalb der DB-Holding konfundiert sind. Hieraus ergeben sich Diskriminierungspotenziale vor allem gegenüber DB-externen EVUs. Diese Situation entspricht keiner echten Netz-Betriebs-Trennung, die wettbewerbstheoretisch sinnvoll wäre und nachhaltige Konkurrenz verschiedener EVUs ermöglichen würde. Die seitens der DB zur Festigung bestehender Strukturen vertretene Argumentation, wonach Netz und Betrieb eine untrennbare Einheit (Synergie) bilden sollten, ist weder wettbewerbstheoretisch noch auf der Ebene technischer Aspekte akzeptabel. Vielmehr werden durch die gegenwärtige Verquickung der als Quasimonopol fungierenden Netzebene mit der Ebene der EVU-Leistungen Innovationspotenziale eingeschränkt. Abgesehen von der grundsätzlichen Notwendigkeit einer konsequenten Netz-Betriebs-Trennung und dezentraler Strukturen sind Ausschreibungen (faktisch öffentliches Verfahren) für den Betrieb der SPNV-Strecken als Handlungsansatz zu berücksichtigen. Wettbewerb kann auf diese Weise gleichsam an der Quelle einer EVU-Leistung ansetzen, wobei politische und administrative Widerstände gegen dieses Konzept derzeit noch unverkennbar sind. Hinsichtlich infrastruktureller Maßnahmen für den SPNV ist insbesondere das sog. "Betreibermodell" sinnvoll, bei dem sich das übernehmende EIU im Sinne seiner Kernkompetenzen auf den Betrieb konzentriert. Die Verantwortung für bauliche Maßnahmen sowie die Instandhaltung der Strecken liegt beim Betreiber, welcher derartige Leistungen am Markt einkaufen kann (Kostensenkungspotenzial). Bei Abgabeplanungen der DB Netz AG für eine Strecke ist mithin für die Auswahl eines Betreibers auf den genannten Ausschreibungsmodus zurückzugreifen. Als kostensenkende Einzelmaßnahmen zur Zukunftssicherung des SPNV werden abschließend insbesondere die Optimierung des Fahrzeugumlaufes sowie der Einsatz von Triebwagen anstatt lokbespannter Züge und die weiter forcierte Ausrichtung auf die kundenorientierte Attraktivitätssteigerung des SPNV empfohlen. SCHLUSSFOLGERUNGEN: Handlungsansätze für eine langfristige Sicherung des SPNV können nicht aus der Realisierung von Extrempositionen (staatlicher Interventionismus versus Liberalismus) resultieren, sondern nur aus einem pragmatischen Ausgleich zwischen beiden Polen. Dabei erscheint eine Verschiebung hin zum marktwirtschaftlichen Pol sinnvoll, um durch die Nutzung wettbewerbsbezogener Impulse Kostensenkungen und Effizienzsteigerungen für den SPNV herbeizuführen.

Jmax-pruning: a facility for the information theoretic pruning of modular classification rules

The Prism family of algorithms induces modular classification rules in contrast to the Top Down Induction of Decision Trees (TDIDT) approach which induces classification rules in the intermediate form of a tree structure. Both approaches achieve a comparable classification accuracy. However in some cases Prism outperforms TDIDT. For both approaches pre-pruning facilities have been developed in order to prevent the induced classifiers from overfitting on noisy datasets, by cutting rule terms or whole rules or by truncating decision trees according to certain metrics. There have been many pre-pruning mechanisms developed for the TDIDT approach, but for the Prism family the only existing pre-pruning facility is J-pruning. J-pruning not only works on Prism algorithms but also on TDIDT. Although it has been shown that J-pruning produces good results, this work points out that J-pruning does not use its full potential. The original J-pruning facility is examined and the use of a new pre-pruning facility, called Jmax-pruning, is proposed and evaluated empirically. A possible pre-pruning facility for TDIDT based on Jmax-pruning is also discussed.

J-measure based hybrid pruning for complexity reduction in classification rules

Prism is a modular classification rule generation method based on the ‘separate and conquer’ approach that is alternative to the rule induction approach using decision trees also known as ‘divide and conquer’. Prism often achieves a similar level of classification accuracy compared with decision trees, but tends to produce a more compact noise tolerant set of classification rules. As with other classification rule generation methods, a principle problem arising with Prism is that of overfitting due to over-specialised rules. In addition, over-specialised rules increase the associated computational complexity. These problems can be solved by pruning methods. For the Prism method, two pruning algorithms have been introduced recently for reducing overfitting of classification rules - J-pruning and Jmax-pruning. Both algorithms are based on the J-measure, an information theoretic means for quantifying the theoretical information content of a rule. Jmax-pruning attempts to exploit the J-measure to its full potential because J-pruning does not actually achieve this and may even lead to underfitting. A series of experiments have proved that Jmax-pruning may outperform J-pruning in reducing overfitting. However, Jmax-pruning is computationally relatively expensive and may also lead to underfitting. This paper reviews the Prism method and the two existing pruning algorithms above. It also proposes a novel pruning algorithm called Jmid-pruning. The latter is based on the J-measure and it reduces overfitting to a similar level as the other two algorithms but is better in avoiding underfitting and unnecessary computational effort. The authors conduct an experimental study on the performance of the Jmid-pruning algorithm in terms of classification accuracy and computational efficiency. The algorithm is also evaluated comparatively with the J-pruning and Jmax-pruning algorithms.

Towards (more) integrity in academia: transcending neo-liberal assumption of research and knowledge creation and the “rules” supressing academic freedom

European researchers across heterogeneous disciplines voice concerns and argue for new paths towards a brighter future regarding scientific and knowledge creation and communication. Recently, in biological and natural sciences concerns have been expressed that major threats are intentionally ignored. These threats are challenging Europe’s future sustainability towards creating knowledge that effectively deals with emerging social, environmental, health, and economic problems of a planetary scope. Within social science circles however, the root cause regarding the above challenges, have been linked with macro level forces of neo-liberal ways of valuing and relevant rules in academia and beyond which we take for granted. These concerns raised by heterogeneous scholars in natural and the applied social sciences concern the ethics of today’s research and academic integrity. Applying Bourdieu’s sociology may not allow an optimistic lens if change is possible. Rather than attributing the replication of neo-liberal habitus in intentional agent and institutional choices, Bourdieu’s work raises the importance of thoughtlessly internalised habits in human and social action. Accordingly, most action within a given paradigm (in this case, neo-liberalism) is understood as habituated, i.e. unconsciously reproducing external social fields, even ill-defined ways of valuing. This essay analyses these and how they may help critically analyse the current habitus surrounding research and knowledge production, evaluation, and communication and related aspects of academic freedom. Although it is acknowledged that transformation is not easy, the essay presents arguments and recent theory paths to suggest that change nevertheless may be a realistic hope once certain action logics are encouraged.

Scoring rules and abnormally low bids criteria in construction tenders: a taxonomic review

In the global construction context, the best value or most economically advantageous tender is becoming a widespread approach for contractor selection, as an alternative to other traditional awarding criteria such as the lowest price. In these multi-attribute tenders, the owner or auctioneer solicits proposals containing both a price bid and additional technical features. Once the proposals are received, each bidder’s price bid is given an economic score according to a scoring rule, generally called an economic scoring formula (ESF) and a technical score according to pre-specified criteria. Eventually, the contract is awarded to the bidder with the highest weighted overall score (economic + technical). However, economic scoring formula selection by auctioneers is invariably and paradoxically a highly intuitive process in practice, involving few theoretical or empirical considerations, despite having been considered traditionally and mistakenly as objective, due to its mathematical nature. This paper provides a taxonomic classification of a wide variety of ESFs and abnormally low bids criteria (ALBC) gathered in several countries with different tendering approaches. Practical implications concern the optimal design of price scoring rules in construction contract tenders, as well as future analyses of the effects of the ESF and ALBC on competitive bidding behaviour.

Scoring rules and competitive behavior in best value construction auctions

This paper examines the extent to which engineers can influence the competitive behavior of bidders in Best Value or multi-attribute construction auctions, where both the (dollar) bid and technical non-price criteria are scored according to a scoring rule. From a sample of Spanish construction auctions with a variety of bid scoring rules, it is found that bidders are influenced by the auction rules in significant and predictable ways. The bid score weighting, bid scoring formula and abnormally low bid criterion are variables likely to influence the competitiveness of bidders in terms of both their aggressive/conservative bidding and concentration/dispersion of bids. Revealing the influence of the bid scoring rules and their magnitude on bidders’ competitive behavior opens the door for the engineer to condition bidder competitive behavior in such a way as to provide the balance needed to achieve the owner’s desired strategic outcomes.

The omega DD vertex in a sum rule approach

The study of charmonium dissociation in heavy ion collisions is generally performed in the framework of effective Lagrangians with meson exchange. Some studies are also developed with the intention of calculate form factors and coupling constants related with charmed and light mesons. These quantifies are important in the evaluation of charmonium cross sections. In this Letter we present a calculation of the omega DD vertex that is a possible interaction vertex in some meson-exchange models spread in the literature. We used the standard method of QCD sum rules in order to obtain the vertex form factor as a function of the transferred momentum. Our results are compatible with the value of this vertex form factor (at zero momentum transfer) obtained in the vector-meson dominance model. (c) 2006 Elsevier B.V. All rights reserved.

Rules of origin and trade facilitation in preferential trade agreements in Latin America

Includes bibliography

Form III-like conformation and Form I-like packing in a chloroform channel solvate of the diuretic drug chlortalidone

Chlortalidone (CTD) is an antihypertensive drug for which only two solid state phases have been structurally elucidated thus far. Here, we have prepared a chloroform solvate thereof, namely, CTD Form IV, and its structure was compared to those of Form I and Form III. Its two conformers exhibit a dual structural feature in relation to the antecedent polymorphs. Both CTD molecules of Form IV adopt a Form III-like conformation, which is featured, if the conformation of CTD Form I is used as a reference, by a rotation of about 90 degrees on the axis of the C-C bond bridging the substituted benzene and isoindolinyl rings. However, CTD Form IV assembles as in the Form I crystal packing despite the different stacking fashion of their centrosymmetric dimers. In contrast to Form I, there is no offset stacking in Form IV, which forces a bend of ca. 24 degrees between the planes passing through the isoindolinyl moieties of two [100]-stacked dimers. Chloroform molecules at a maximum stoichiometry of 0.25 mol per mol of the drug play a stabilizing role in the assembly of Form IV by filling the channels formed on the crystals.

Securitization and Special Purpose Vehicles in an International Setting: a Systemic View

The present work tries to display a comprehensive and comparative study of the different legal and regulatory problems involved in international securitization transactions. First, an introduction to securitization is provided, with the basic elements of the transaction, followed by the different varieties of it, including dynamic securitization and synthetic securitization structures. Together with this introduction to the intricacies of the structure, a insight into the influence of securitization in the financial and economic crisis of 2007-2009 is provided too; as well as an overview of the process of regulatory competition and cooperation that constitutes the framework for the international aspects of securitization. The next Chapter focuses on the aspects that constitute the foundations of structured finance: the inception of the vehicle, and the transfer of risks associated to the securitized assets, with particular emphasis on the validity of those elements, and how a securitization transaction could be threatened at its root. In this sense, special importance is given to the validity of the trust as an instrument of finance, to the assignment of future receivables or receivables in block, and to the importance of formalities for the validity of corporations, trusts, assignments, etc., and the interaction of such formalities contained in general corporate, trust and assignment law with those contemplated under specific securitization regulations. Then, the next Chapter (III) focuses on creditor protection aspects. As such, we provide some insights on the debate on the capital structure of the firm, and its inadequacy to assess the financial soundness problems inherent to securitization. Then, we proceed to analyze the importance of rules on creditor protection in the context of securitization. The corollary is in the rules in case of insolvency. In this sense, we divide the cases where a party involved in the transaction goes bankrupt, from those where the transaction itself collapses. Finally, we focus on the scenario where a substance over form analysis may compromise some of the elements of the structure (notably the limited liability of the sponsor, and/or the transfer of assets) by means of veil piercing, substantive consolidation, or recharacterization theories. Once these elements have been covered, the next Chapters focus on the regulatory aspects involved in the transaction. Chapter IV is more referred to “market” regulations, i.e. those concerned with information disclosure and other rules (appointment of the indenture trustee, and elaboration of a rating by a rating agency) concerning the offering of asset-backed securities to the public. Chapter V, on the other hand, focuses on “prudential” regulation of the entity entrusted with securitizing assets (the so-called Special Purpose vehicle), and other entities involved in the process. Regarding the SPV, a reference is made to licensing requirements, restriction of activities and governance structures to prevent abuses. Regarding the sponsor of the transaction, a focus is made on provisions on sound originating practices, and the servicing function. Finally, we study accounting and banking regulations, including the Basel I and Basel II Frameworks, which determine the consolidation of the SPV, and the de-recognition of the securitized asset from the originating company’s balance-sheet, as well as the posterior treatment of those assets, in particular by banks. Chapters VI-IX are concerned with liability matters. Chapter VI is an introduction to the different sources of liability. Chapter VII focuses on the liability by the SPV and its management for the information supplied to investors, the management of the asset pool, and the breach of loyalty (or fiduciary) duties. Chapter VIII rather refers to the liability of the originator as a result of such information and statements, but also as a result of inadequate and reckless originating or servicing practices. Chapter IX finally focuses on third parties entrusted with the soundness of the transaction towards the market, the so-called gatekeepers. In this respect, we make special emphasis on the liability of indenture trustees, underwriters and rating agencies. Chapters X and XI focus on the international aspects of securitization. Chapter X contains a conflicts of laws analysis of the different aspects of structured finance. In this respect, a study is made of the laws applicable to the vehicle, to the transfer of risks (either by assignment or by means of derivatives contracts), to liability issues; and a study is also made of the competent jurisdiction (and applicable law) in bankruptcy cases; as well as in cases where a substance-over-form is performed. Then, special attention is also devoted to the role of financial and securities regulations; as well as to their territorial limits, and extraterritoriality problems involved. Chapter XI supplements the prior Chapter, for it analyzes the limits to the States’ exercise of regulatory power by the personal and “market” freedoms included in the US Constitution or the EU Treaties. A reference is also made to the (still insufficient) rules from the WTO Framework, and their significance to the States’ recognition and regulation of securitization transactions.

Anwendungen des Komplexe-Masse-Renormierungsschemas in effektiver Feldtheorie

Der erste Teil der vorliegenden Dissertation befasst sich mit der Untersuchung der perturbativen Unitarität im Komplexe-Masse-Renormierungsschema (CMS). Zu diesem Zweck wird eine Methode zur Berechnung der Imaginärteile von Einschleifenintegralen mit komplexen Massenparametern vorgestellt, die im Grenzfall stabiler Teilchen auf die herkömmlichen Cutkosky-Formeln führt. Anhand einer Modell-Lagrangedichte für die Wechselwirkung eines schweren Vektorbosons mit einem leichten Fermion wird demonstriert, dass durch Anwendung des CMS die Unitarität der zugrunde liegenden S-Matrix im störungstheoretischen Sinne erfüllt bleibt, sofern die renormierte Kopplungskonstante reell gewählt wird. Der zweite Teil der Arbeit beschäftigt sich mit verschiedenen Anwendungen des CMS in chiraler effektiver Feldtheorie (EFT). Im Einzelnen werden Masse und Breite der Deltaresonanz, die elastischen elektromagnetischen Formfaktoren der Roperresonanz, die elektromagnetischen Formfaktoren des Übergangs vom Nukleon zur Roperresonanz sowie Pion-Nukleon-Streuung und Photo- und Elektropionproduktion für Schwerpunktsenergien im Bereich der Roperresonanz berechnet. Die Wahl passender Renormierungsbedingungen ermöglicht das Aufstellen eines konsistenten chiralen Zählschemas für EFT in Anwesenheit verschiedener resonanter Freiheitsgrade, so dass die aufgeführten Prozesse in Form einer systematischen Entwicklung nach kleinen Parametern untersucht werden können. Die hier erzielten Resultate können für Extrapolationen von entsprechenden Gitter-QCD-Simulationen zum physikalischen Wert der Pionmasse genutzt werden. Deshalb wird neben der Abhängigkeit der Formfaktoren vom quadrierten Impulsübertrag auch die Pionmassenabhängigkeit des magnetischen Moments und der elektromagnetischen Radien der Roperresonanz untersucht. Im Rahmen der Pion-Nukleon-Streuung und der Photo- und Elektropionproduktion werden eine Partialwellenanalyse und eine Multipolzerlegung durchgeführt, wobei die P11-Partialwelle sowie die Multipole M1- und S1- mittels nichtlinearer Regression an empirische Daten angepasst werden.

Waldbrandprognose und Waldbrandbekämpfung in Deutschland

Ist Deutschland auf Waldbrandkatastrophen vorbereitet? Dies ist die zentrale Frage dieser wissenschaftlichen Arbeit. Zahlreiche Großwaldbrände der Vergangenheit zeigen ein deutliches Waldbrandpotential für die bundesdeutschen Areale, speziell in Ostdeutschland. Als eine der Folgen des global warming ist zukünftig mit einem Anstieg der Gefahrensituation zu rechnen. Anhand der Untersuchung zweier Katastrophenwaldbrände wurden Schwachstellen bei der Bekämpfung dieser Waldbrände aufgezeigt, aber auch positive Aspekte herausgestellt. Die wichtigste Erkenntnis ist hierbei die große Bedeutung der Brandbekämpfung aus der Luft. Sie spielt die Schlüsselrolle bei der Bekämpfung von Großwaldbränden. Daher untersucht diese Arbeit die aktuelle Situation in Deutschland und erstellt erstmals ein bundesweites Kataster der Hubschrauberaußenlastbehälter sowie den dazugehörigen Trägerfahrzeugen (Hubschrauber). Aufgrund dieses Katasters sowie einer Auflistung der Systeme zur Branddetektion (Feuerwachtürme und kameragestützte Systeme) kommt diese Arbeit zu dem Ergebnis, dass man in Deutschland gut auf Waldbrandkatastrophen vorbereitet ist. Gleichzeitig liefert diese Arbeit aber auch Optimierungsmöglichkeiten in Form eines Maßnahmenkatalogs. So ist beispielsweise das System der Waldbrandprognose nach M-68 zu überarbeiten, da es die tatsächliche Gefährdungslage teilweise unterschätzt, Simulationsprogramme zur Ausbreitung von Waldbränden sind zu entwickeln, Sicherheitsregeln sind einzuführen. Weiterhin ist die indirekte Brandbekämpfung durch die Aufstellung von task-forces in Deutschland erstmalig zu ermöglichen.