Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment - Theory and Some Evidence

This paper proposes a conceptual framework to investigate the effects of central bank independence, of the degree of centralization of wage bargaining and of the interaction between those institutional variables, on real wages, unemployment and inflation, in a framework in which unions are averse to inflation. This aversion moderates unions wage demands as they attempt to induce the central bank to inflate at a lower rate. An increase in the degree of centralization of wage bargaining (a decrease in the number of unions) triggers two opposite effects on real wages, unemployment and inflation. It reduces the substitutability between the labor of different unions and therefore the degree of effective competition between them. This "reduced competition effect" raises real wages, unemployment and in°ation. But the decrease in the number of unions also strengthens the moderating effect of in°ationary fears on the real wage demands of each union. This "strategic effect" lowers real wages, unemployment and inflation. For sufficiently inflation averse unions the interaction between those two effects produces a Calmfors-Driffill type relation between real wages and centralization. The paper analyzes the effects of central bank independence on the position and the shape of this relation, as well as on inflation and unemployment. The paper features two mechanisms, one of which is novel, through which monetary institutions have real effects. The paper's framework implies that social welfare is maximized when the central bank is ultra liberal. This result is critically assessed. Empirical evaluation of some of the theoretical implications, using data from nineteen developed economies, is for the most part supportive of those implications.central banks;independence;wages;bargaining;inflation;unemployment

Definition of the stimulated emission threshold in high-β\beta nanoscale lasers through phase-space reconstruction

Nanoscale lasers sustain few optical modes so that the fraction of spontaneous emission $\beta$ funnelled into the useful (lasing) mode is high (of the order of few 10$^{-1}$) and the threshold, which traditionally corresponds to an abrupt kink in the light in- light out curve, becomes ill-defined. We propose an alternative definition of the threshold, based on the dynamical response of the laser, which is valid even for $\beta=1$ lasers. The laser dynamics is analyzed through a reconstruction of its phase-space trajectory for pulsed excitation. Crossing the threshold brings about a change in the shape of the trajectory and in the area contained in it. An unambiguous definition of the threshold in terms of this change is shown theoretically and illustrated experimentally in a photonic crystal laser

Labor markets and Monetary Union: A Strategic Analysis

Monetary union;inflation;unemployment;labor unions;strategic monetary policy

The human hand and foot in evolution and art : the effects of wearing footwear

The structures of the human hands and feet are shaped by evolution and its effects on the brain, skeleton and other structures, and on behavior. We used measurements obtained of hands and feet from living humans in Europe, the Americas (South and North) and Australia and images of hands and feet in cave art, paintings, and photographs obtained from the Web including some from Africa. We used the ratios of the third finger/width of hand and second toe/width of foot. We hypothesized that hand ratios would not have changed over millennia whereas, because of the use of footwear and mechanical locomotion, the ratios obtained from feet could have changed significantly. Here we report that statistical analyses and modeling confirmed our initial hypothesi

Temporal and Spatial Aspects of Gas Release During the 2010 Apparition of Comet 103P/Hartley-2

We report measurements of eight primary volatiles (H2O, HCN, CH4, C2H6, CH3OH, C2H2, H2CO, and NH3) and two product species (OH and NH2) in comet 103P/Hartley-2 using high dispersion infrared spectroscopy. We quantified the long- and short-term behavior of volatile release over a three-month interval that encompassed the comet's close approach to Earth, its perihelion passage, and flyby of the comet by the Deep Impact spacecraft during the EPOXI mission. We present production rates for individual species, their mixing ratios relative to water, and their spatial distributions in the coma on multiple dates. The production rates for water, ethane, HCN, and methanol vary in a manner consistent with independent measures of nucleus rotation, but mixing ratios for HCN, C2H6, & CH3OH are independent of rotational phase. Our results demonstrate that the ensemble average composition of gas released from the nucleus is well defined, and relatively constant over the three-month interval (September 18 through December 17). If individual vents vary in composition, enough diverse vents must be active simultaneously to approximate (in sum) the bulk composition of the nucleus. The released primary volatiles exhibit diverse spatial properties which favor the presence of separate polar and apolar ice phases in the nucleus, establish dust and gas release from icy clumps (and also, directly from the nucleus), and provide insights into the driver for the cyanogen (CN) polar jet. The spatial distributions of C2H6 & HCN along the near-polar jet (UT 19.5 October) and nearly orthogonal to it (UT 22.5 October) are discussed relative to the origin of CN. The ortho-para ratio (OPR) of water was 2.85 \pm 0.20; the lower bound (2.65) defines Tspin > 32 K. These values are consistent with results returned from ISO in 1997.Comment: 18 pages, 3 figures, to be published in: Astrophysical Journal Letter

A Compact Solid State Detector for Small Angle Particle Tracking

MIDAS (MIcrostrip Detector Array System) is a compact silicon tracking telescope for charged particles emitted at small angles in intermediate energy photonuclear reactions. It was realized to increase the angular acceptance of the DAPHNE detector and used in an experimental program to check the Gerasimov-Drell-Hearn sum rule at the Mainz electron microtron, MAMI. MIDAS provides a trigger for charged hadrons, p/pi identification and particle tracking in the region 7 deg < theta < 16 deg. In this paper we present the main characteristics of MIDAS and its measured performances.Comment: 13 pages (9 figures). Submitted to NIM

Effects of atomic diffraction on the Collective Atomic Recoil Laser

We formulate a wave atom optics theory of the Collective Atomic Recoil Laser, where the atomic center-of-mass motion is treated quantum mechanically. By comparing the predictions of this theory with those of the ray atom optics theory, which treats the center-of-mass motion classically, we show that for the case of a far off-resonant pump laser the ray optics model fails to predict the linear response of the CARL when the temperature is of the order of the recoil temperature or less. This is due to the fact that in theis temperature regime one can no longer ignore the effects of matter-wave diffraction on the atomic center-of-mass motion.Comment: plain tex, 10 pages, 10 figure