Inflation and the User Cost of Capital: Does Inflation Still Matter?

In the late 1970s, many economists argued that the deleterious effects of inflation on the user cost of capital for U.S. firms were large. Since that time, the tax code has changed, the level of inflation has dropped significantly, and the of investment has evolved considerably. In this paper, we demonstrate that the net effect of these changes has--under reasonable assumptions--not relegated inflation to the sidelines. Indeed, we conclude that: (1) inflation, even at its relatively low current rates, continues to increase the user cost of capital significantly; (2) the marginal gain in investment in response to a percentage-point reduction in inflation is larger for lower levels of inflation; (3) the beneficial effects for steady-state consumption of lowering inflation even further than has been achieved to date would likely be significant; and (4) inflation has only a small impact on intratemporal distortion in the allocation of capital within the domestic business sector. We also show that the magnitude of the inflation effect on the user cost of capital is likely much smaller in open economies.

Noise reduction studies for the U-10 airplane

A study was undertaken by the NASA Langley Research Center to determine the noise reduction potential of the U-10 airplane in order to reduce its aural detection distance. Static and flyover noise measurements were made to document the basic airplane noise signature. Two modifications to the airplane configuration are suggested as having the best potential for substantially reducing aural detection distance with small penalty to airplane performance or stability and control. These modifications include changing the present 3-blade propeller to a 5-blade propeller, changing the propeller diameter, and changing the propeller gear ratio, along with the use of an engine exhaust muffler. The aural detection distance corresponding to normal cruising flight at an altitude of 1,000 ft over grassy terrain is reduced from 28,000 ft (5.3 miles) to about 50 percent of that value for modification 1, and to about 25 percent for modification 2. For the aircraft operating at an altitude of 300 ft, the analysis indicates that relatively straightforward modifications could reduce the aural detection distance to approximately 0.9 mile. Operation of the aircraft at greatly reduced engine speed (1650 rpm) with a 1.3-cu-ft muffler provides aural detection distances slightly lower than modification 1

Tone-activated, remote, alert communication system

Pocket sized transmitter, frequency modulated by crystal derived tones, with integral loop antenna provides police with easy operating alert signal communicator which uses patrol car radio to relay signal. Communication channels are time shared by several patrol units

Polaron cross-overs and d-wave superconductivity in Hubbard-Holstein model

We present a theoretical study of superconductivity of polarons in the Hubbard-Holstein model. A residual kinematic interaction proportional to the square of the polaron hopping energy between polarons and phonons provides a pairing field for the polarons. We find that superconducting instability in the d-wave channel is possible with small transition temperatures which is maximum in the large to small polaron cross-over region. An s-wave instability is found to be not possible when the effective on-site interaction between polarons is repulsive

Strong-Coupling Expansion for the Hubbard Model

A strong-coupling expansion for models of correlated electrons in any dimension is presented. The method is applied to the Hubbard model in $d$ dimensions and compared with numerical results in $d=1$. Third order expansion of the Green function suffices to exhibit both the Mott metal-insulator transition and a low-temperature regime where antiferromagnetic correlations are strong. It is predicted that some of the weak photoemission signals observed in one-dimensional systems such as $SrCuO_2$ should become stronger as temperature increases away from the spin-charge separated state.Comment: 4 pages, RevTex, 3 epsf figures include

All Coronal Loops are the Same: Evidence to the Contrary

The 1998 April 20 spectral line data from the Coronal Diagnostics Spectrometer (CDS) on the {\it Solar and Heliospheric Observatory} (\SOHO) shows a coronal loop on the solar limb. Our original analysis of these data showed that the plasma was multi-thermal, both along the length of the loop and along the line of sight. However, more recent results by other authors indicate that background subtraction might change these conclusions, so we consider the effect of background subtraction on our analysis. We show Emission Measure (EM) Loci plots of three representative pixels: loop apex, upper leg, and lower leg. Comparisons of the original and background-subtracted intensities show that the EM Loci are more tightly clustered after background subtraction, but that the plasma is still not well represented by an isothermal model. Our results taken together with those of other authors indicate that a variety of temperature structures may be present within loops.Comment: Accepted for publication in ApJ Letter

Metal-Insulator transition in the Generalized Hubbard model

We present the exact ground-state wave function and energy of the generalized Hubbard model, subjected to the condition that the number of double occupied sites is conserved, for a wide, physically relevant range of parameters. For one hole and one double occupied site the existence of the ferromagnetic ground-state is proved which allow one to determine the critical value of the on-site repulsion corresponding to the point of metal-insulator transition. For the one dimensional model the exact solution for special values of the parameters is obtained.Comment: 20 pages, LaTex. Mod.Phys.Lett.B 7 (1993) 1397; Journal of Physics: Condensed Matter (to appear