Effective action of beta-deformed N=4 SYM theory and AdSCFT

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I_E_11e_Ch_04

I_E_11e_Ch_04

CHAPTER 4—TARIFFSMULTIPLE CHOICE1. The imposition of tariffs on imports results in deadweight welfare losses for the home economy.These losses consist of the:a. Protective effect plus consumption effectb. Redistribution effect plus revenue effectc. Revenue effect plus protective effectd. Consumption effect plus redistribution effectANS: A PTS: 12. Suppose that the United States eliminates its tariff on steel imports, permitting foreign-producedsteel to enter the U.S. market. Steel prices to U.S. consumers would be expected to:a. Increase, and the foreign demand for U.S. exports would increaseb. Decrease, and the foreign demand for U.S. exports would increasec. Increase, and the foreign demand for U.S. exports would decreased. Decrease, and the foreign demand for U.S. exports would decreaseANS: B PTS: 13. A $100 specific tariff provides home producers more protection from foreign competition when:a. The home market buys cheaper products rather than expensive productsb. It is applied to a commodity with many grade variationsc. The home demand for a good is elastic with respect to price changesd. It is levied on manufactured goods rather than primary productsANS: A PTS: 14. A lower tariff on imported aluminum would most likely benefit:a. Foreign producers at the expense of domestic consumersb. Domestic manufacturers of aluminumc. Domestic consumers of aluminumd. Workers in the domestic aluminum industryANS: C PTS: 15. When a government allows raw materials and other intermediate products to enter a country dutyfree, its tariff policy generally results in a:a. Effective tariff rate less than the nominal tariff rateb. Nominal tariff rate less than the effective tariff ratec. Rise in both nominal and effective tariff ratesd. Fall in both nominal and effective tariff ratesANS: B PTS: 16. Of the many arguments in favor of tariffs, the one that has enjoyed the most significant economicjustification has been the:a. Infant industry argumentb. Cheap foreign labor argumentc. Balance of payments argumentd. Domestic living standard argumentANS: A PTS: 17. The redistribution effect of an import tariff is the transfer of income from the domestic:a. Producers to domestic buyers of the goodb. Buyers to domestic producers of the goodc. Buyers to the domestic governmentd. Government to the domestic buyersANS: B PTS: 18. Which of the following is true concerning a specific tariff?a. It is exclusively used by the U.S. in its tariff schedules.b. It refers to a flat percentage duty applied to a good's market value.c. It is plagued by problems associated with assessing import product values.d. It affords less protection to home producers during eras of rising prices.ANS: D PTS: 19. The principal benefit of tariff protection goes to:a. Domestic consumers of the good producedb. Domestic producers of the good producedc. Foreign producers of the good producedd. Foreign consumers of the good producedANS: B PTS: 110. Which of the following policies permits a specified quantity of goods to be imported at one tariffrate and applies a higher tariff rate to imports above this quantity?a. Tariff quotab. Import tariffc. Specific tariffd. Ad valorem tariffANS: A PTS: 111. Assume the United States adopts a tariff quota on steel in which the quota is set at 2 million tons,the within-quota tariff rate equals 5 percent, and the over-quota tariff rate equals 10 percent.Suppose the U.S. imports 1 million tons of steel. The resulting revenue effect of the tariff quota would accrue to:a. The U.S. government onlyb. U.S. importing companies onlyc. Foreign exporting companies onlyd. The U.S. government and either U.S. importers or foreign exportersANS: A PTS: 112. When the production of a commodity does not utilize imported inputs, the effective tariff rate onthe commodity:a. Exceeds the nominal tariff rate on the commodityb. Equals the nominal tariff rate on the commodityc. Is less than the nominal tariff rate on the commodityd. None of the aboveANS: B PTS: 113. Developing nations often maintain that industrial countries permit raw materials to be importedat very low tariff rates while maintaining high tariff rates on manufactured imports. Which of the following refers to the above statement?a. Tariff-quota effectb. Nominal tariff effectc. Tariff escalation effectd. Protective tariff effectANS: C PTS: 114. Should the home country be "large" relative to the world, its imposition of a tariff on importswould lead to an increase in domestic welfare if the terms-of-trade effect exceeds the sum of the:a. Revenue effect plus redistribution effectb. Protective effect plus revenue effectc. Consumption effect plus redistribution effectd. Protective effect plus consumption effectANS: D PTS: 115. Should Canada impose a tariff on imports, one would expect Canada's:a. Terms of trade to improve and volume of trade to decreaseb. Terms of trade to worsen and volume of trade to decreasec. Terms of trade to improve and volume of trade to increased. Terms of trade to worsen and volume of trade to increaseANS: A PTS: 116. A beggar-thy-neighbor policy is the imposition of:a. Free trade to increase domestic productivityb. Trade barriers to increase domestic demand and employmentc. Import tariffs to curb domestic inflationd. Revenue tariffs to make products cheaper for domestic consumersANS: B PTS: 117. A problem encountered when implementing an "infant industry" tariff is that:a. Domestic consumers will purchase the foreign good regardless of the tariffb. Political pressure may prevent the tariff's removal when the industry maturesc. Most industries require tariff protection when they are matured. Labor unions will capture the protective effect in higher wagesANS: B PTS: 118. Tariffs are not defended on the ground that they:a. Improve the terms of trade of foreign nationsb. Protect jobs and reduce unemploymentc. Promote growth and development of young industriesd. Prevent overdependence of a country on only a few industriesANS: A PTS: 119. The deadweight loss of a tariff:a. Is a social loss since it promotes inefficient productionb. Is a social loss since it reduces the revenue for the governmentc. Is not a social loss because society as a whole doesn't pay for the lossd. Is not a social loss since only business firms suffer revenue lossesANS: A PTS: 120. Which of the following is a fixed percentage of the value of an imported product as it enters thecountry?a. Specific tariffb. Ad valorem tariffc. Nominal tariffd. Effective tariffANS: B PTS: 121. A tax of 20 cents per unit of imported cheese would be an example of:a. Compound tariffb. Effective tariffc. Ad valorem tariffd. Specific tariffANS: D PTS: 122. A tax of 15 percent per imported item would be an example of:a. Ad valorem tariffb. Specific tariffc. Effective tariffd. Compound tariffANS: A PTS: 123. Which type of tariff is not used by the American government?a. Import tariffb. Export tariffc. Specific tariffd. Ad valorem tariffANS: B PTS: 124. Which trade policy results in the government levying a "two-tier" tariff on imported goods?a. Tariff quotab. Nominal tariffc. Effective tariffd. Revenue tariffANS: A PTS: 125. If we consider the impact on both consumers and producers, then protection of the steel industryis:a. In the interest of the United States as a whole, but not in the interest of the state ofPennsylvaniab. In the interest of the United States as a whole and in the interest of the state of Pennsylvaniac. Not in the interest of the United States as a whole, but it might be in the interest of the stateof Pennsylvaniad. Not in the interest of the United States as a whole, nor in the interest of the state ofPennsylvaniaANS: C PTS: 126. If I purchase a stereo from South Korea, I obtain the stereo and South Korea obtains the dollars.But if I purchase a stereo produced in the United States, I obtain the stereo and the dollars remain in America. This line of reasoning is:a. Valid for stereos, but not for most products imported by the United Statesb. Valid for most products imported by the United States, but not for stereosc. Deceptive since Koreans eventually spend the dollars on U.S. goodsd. Deceptive since the dollars spent on a stereo built in the United States eventually wind upoverseasANS: C PTS: 127. The most vocal political pressure for tariffs is generally made by:a. Consumers lobbying for export tariffsb. Consumers lobbying for import tariffsc. Producers lobbying for export tariffsd. Producers lobbying for import tariffsANS: D PTS: 128. If we consider the interests of both consumers and producers, then a policy of tariff reduction inthe U.S. auto industry is:a. In the interest of the United States as a whole, but not in the interest of auto-producing statesb. In the interest of the United States as a whole, and in the interest of auto-producing statesc. Not in the interest of the United States as a whole, nor in the interest of auto-producingstatesd. Not in the interest of the United States as a whole, but is in the interest of auto-producingstatesANS: A PTS: 129. Free traders point out that:a. There is usually an efficiency gain from having tariffsb. There is usually an efficiency loss from having tariffsc. Producers lose from tariffs at the expense of consumersd. Producers lose from tariffs at the expense of the governmentANS: B PTS: 130. A decrease in the import tariff will result in:a. An increase in imports but a decrease in domestic productionb. A decrease in imports but an increase in domestic productionc. An increase in price but a decrease in quantity purchasedd. A decrease in price and a decrease in quantity purchasedANS: A PTS: 1Figure 4.1 illustrates the demand and supply schedules for pocket calculators in Mexico, a "small" nation that is unable to affect the world price.Figure 4.1. Import Tariff Levied by a "Small" Country31. Consider Figure 4.1. In the absence of trade, Mexico produces and consumes:a. 10 calculatorsb. 40 calculatorsc. 60 calculatorsd. 80 calculatorsANS: C PTS: 132. Consider Figure 4.1. In the absence of trade, Mexico's producer surplus and consumer surplusrespectively equal:a. $120, $240b. $180, $180c. $180, $320d. $240, $240ANS: B PTS: 133. Consider Figure 4.1. With free trade, Mexico imports:a. 40 calculatorsb. 60 calculatorsc. 80 calculatorsd. 100 calculatorsANS: D PTS: 134. Consider Figure 4.1. With free trade, the total value of Mexico's imports equal:a. $220b. $260c. $290d. $300ANS: D PTS: 135. Consider Figure 4.1. With free trade, Mexico's producer surplus and consumer surplusrespectively equal:a. $5, $605b. $25, $380c. $45, $250d. $85, $195ANS: A PTS: 136. Consider Figure 4.1. With a per-unit tariff of $3, the quantity of imports decreases to:a. 20 calculatorsb. 40 calculatorsc. 50 calculatorsd. 70 calculatorsANS: B PTS: 137. According to Figure 4.1, the loss in Mexican consumer surplus due to the tariff equals:a. $225b. $265c. $285d. $325ANS: C PTS: 138. According to Figure 4.1, the tariff results in the Mexican government collecting:a. $100b. $120c. $140d. $160ANS: B PTS: 139. According to Figure 4.1, Mexican manufacturers gain ____ because of the tariff.a. $75b. $85c. $95d. $105ANS: A PTS: 140. According to Figure 4.1, the deadweight cost of the tariff totals:a. $60b. $70c. $80d. $90ANS: D PTS: 141. Consider Figure 4.1. The tariff would be prohibitive (i.e., eliminate imports) if it equaled:a. $2b. $3c. $4d. $5ANS: D PTS: 1Assume the United States is a large consumer of steel that is able to influence the world price. Its demand and supply schedules are respectively denoted by D U.S. and S U.S. in Figure 4.2. Theoverall (United States plus world) supply schedule of steel is denoted by S U.S.+W.Figure 4.2. Import Tariff Levied by a "Large" Country42. Consider Figure 4.2. With free trade, the United States achieves market equilibrium at a price of$____. At this price, ____ tons of steel are produced by U.S. firms, ____ tons are bought by U.S.buyers, and ____ tons are imported.a. $450, 5 tons, 60 tons, 55 tonsb. $475, 10 tons, 50 tons, 40 tonsc. $525, 5 tons, 60 tons, 55 tonsd. $630, 30 tons, 30 tons, 0 tonsANS: B PTS: 143. Consider Figure 4.2. Suppose the United States imposes a tariff of $100 on each ton of steelimported. With the tariff, the price of steel rises to $____ and imports fall to ____ tons.a. $550, 20 tonsb. $550, 30 tonsc. $575, 20 tonsd. $575, 30 tonsANS: A PTS: 144. Consider Figure 4.2. Of the $100 tariff, $____ is passed on to the U.S. consumer via a higherprice, while $____ is borne by the foreign exporter; the U.S. terms of trade:a. $25, $75, improveb. $25, $75, worsenc. $75, $25, improved. $75, $25, worsenANS: C PTS: 145. Referring to Figure 4.2, the tariff's deadweight welfare loss to the United States totals:a. $450b. $550c. $650d. $750ANS: D PTS: 146. According to Figure 4.2, the tariff's terms-of-trade effect equals:a. $300b. $400c. $500d. $600ANS: C PTS: 147. According to Figure 4.2, the tariff leads to the overall welfare of the United States:a. Rising by $250b. Rising by $500c. Falling by $250d. Falling by $500ANS: C PTS: 148. Suppose that the production of $500,000 worth of steel in the United States requires $100,000worth of iron ore. The U.S. nominal tariff rates for importing these goods are 15 percent for steel and 5 percent for iron ore. Given this information, the effective rate of protection for the U.S.steel industry is approximately:a. 6 percentb. 12 percentc. 18 percentd. 24 percentANS: C PTS: 149. Suppose that the production of a $30,000 automobile in Canada requires $10,000 worth of steel.The Canadian nominal tariff rates for importing these goods are 25 percent for automobiles and10 percent for steel. Given this information, the effective rate of protection for the Canadianautomobile industry is approximately:a. 15 percentb. 32 percentc. 48 percentd. 67 percentANS: B PTS: 1Exhibit 4.1Assume that the United States imports automobiles from South Korea at a price of $20,000 per vehicle and that these vehicles are subject to an import tariff of 20 percent. Also assume that U.S.components are used in the vehicles assembled by South Korea and that these components have a value of $10,000.50. Refer to Exhibit 4.1. In the absence of the Offshore Assembly Provision of U.S. tariff policy, theprice of an imported vehicle to the U.S. consumer after the tariff has been levied is:a. $22,000b. $23,000c. $24,000d. $25,000ANS: C PTS: 151. Refer to Exhibit 4.1. Under the Offshore Assembly Provision of U.S. tariff policy, the price of animported vehicle to the U.S. consumer after the tariff has been levied is:a. $22,000b. $23,000c. $24,000d. $25,000ANS: A PTS: 152. Suppose an importer of steel is required to pay a tariff of $20 per ton plus 5 percent of the valueof steel. This is an example of a (an):a. Specific tariffb. Ad valorem tariffc. Compound tariffd. Tariff quotaANS: C PTS: 153. A compound tariff is a combination of a (an):a. Tariff quota and a two-tier tariffb. Revenue tariff and a protective tariffc. Import tariff and an export tariffd. Specific tariff and an ad valorem tariffANS: D PTS: 1Table 4.1. Production Costs and Prices of Imported and Domestic VCRsImported VCRs Domestic VCRs Component parts $150 Imported component parts $150 Assembly cost/profit 50 Assembly cost 50 Nominal tariff 25 Profit 25 Import price Domestic priceafter tariff 225 after tariff 22554. Consider Table 4.1. Prior to the tariff, the total price of domestically-produced VCRs is:a. $150b. $200c. $225d. $250ANS: B PTS: 155. Consider Table 4.1. Prior to the tariff, the total price of imported VCRs is:a. $150b. $200c. $225d. $235ANS: B PTS: 156. Consider Table 4.1. The nominal tariff rate on imported VCRs equals:a. 11.1 percentb. 12.5 percentc. 16.7 percentd. 50.0 percentANS: B PTS: 157. Consider Table 4.1. Prior to the tariff, domestic value added equals:a. $25b. $50c. $75d. $100ANS: B PTS: 158. Consider Table 4.1. After the tariff, domestic value added equals:a. $25b. $50c. $75d. $100ANS: C PTS: 159. Consider Table 4.1. The effective tariff rate equals:a. 11.1 percentb. 16.7 percentc. 50.0 percentd. 100.0 percentANS: C PTS: 160. If the domestic value added before an import tariff for a product is $500 and the domestic valueadded after the tariff is $550, the effective rate of protection is:a. 5 percentb. 8 percentc. 10 percentd. 15 percentANS: C PTS: 161. When a tariff on imported inputs exceeds that on the finished good,a. The nominal tariff rate on the finished product would tend to overstate its protective effectb. The nominal tariff rate would tend to understate it's protective effectc. It is impossible to determine the protective effect of a tariffd. Tariff escalation occursANS: A PTS: 162. The offshore assembly provision in the U.S.a. Provides favorable treatment to U.S. trading partnersb. Discriminates against primary product importersc. Provides favorable treatment to products assembled abroad from U.S. manufacturedcomponentsd. Hurts the U.S. consumerANS: C PTS: 163. Arguments for U.S. trade restrictions include all of the following excepta. Job protectionb. Infant industry supportc. Maintenance of domestic living standardd. Improving incomes for developing countriesANS: D PTS: 164. For the United States, a foreign trade zone (FTZ) isa. A site within the United Statesb. A site outside the United Statesc. Always located in poorer developing countriesd. Is used to discourage tradeANS: A PTS: 1TRUE/FALSE1. To protect domestic producers from foreign competition, the U.S. government levies both importtariffs and export tariffs.ANS: F PTS: 12. With a compound tariff, a domestic importer of an automobile might be required to pay a duty of$200 plus 4 percent of the value of the automobile.ANS: T PTS: 13. With a specific tariff, the degree of protection afforded domestic producers varies directly withchanges in import prices.ANS: F PTS: 14. During a business recession, when cheaper products are purchased, a specific tariff providesdomestic producers a greater amount of protection against import-competing goods.ANS: T PTS: 15. A ad valorem tariff provides domestic producers a declining degree of protection againstimport-competing goods during periods of changing prices.ANS: F PTS: 16. With a compound duty, its "specific" portion neutralizes the cost disadvantage of domesticmanufacturers that results from tariff protection granted to domestic suppliers of raw materials, and the "ad valorem" portion of the duty grants protection to the finished-goods industry.ANS: T PTS: 17. The nominal tariff rate signifies the total increase in domestic productive activities compared towhat would occur under free-trade conditions.ANS: F PTS: 18. When material inputs enter a country at a very low duty while the final imported product isprotected by a high duty, the result tends to be a high rate of protection for domestic producers of the final product.ANS: T PTS: 19. According to the tariff escalation effect, industrial countries apply low tariffs to imports offinished goods and high tariffs to imports of raw materials.ANS: F PTS: 110. Under the Offshore Assembly Provision of U.S. tariff policy, U.S. import duties apply only to thevalue added in the foreign assembly process, provided that U.S.-made components are used by overseas companies in their assembly operations.ANS: T PTS: 111. Bonded warehouses and foreign trade zones have the effect of allowing domestic importers topostpone and prorate over time their import duty obligations.ANS: T PTS: 112. A nation whose imports constitute a very small portion of the world market supply is a price taker,facing a constant world price for its import commodity.ANS: T PTS: 113. Graphically, consumer surplus is represented by the area above the demand curve and below theproduct's market price.ANS: F PTS: 114. Producer surplus is the revenue producers receive over and above the minimum necessary forproduction.ANS: T PTS: 115. For a "small" country, a tariff raises the domestic price of an imported product by the full amountof the duty.ANS: T PTS: 116. Although an import tariff provides the domestic government additional tax revenue, it benefitsdomestic consumers at the expense of domestic producers.ANS: F PTS: 117. An import tariff reduces the welfare of a "small" country by an amount equal to the redistributioneffect plus the revenue effect.ANS: F PTS: 118. The deadweight losses of an import tariff consist of the protection effect plus the consumptioneffect.ANS: T PTS: 119. The redistribution effect is the transfer of producer surplus to domestic consumers of theimport-competing product.ANS: F PTS: 120. As long as it is assumed that a nation accounts for a negligible portion of international trade, itslevying an import tariff necessarily increases its overall welfare.ANS: F PTS: 121. Changes in a "large" country's economic conditions or trade policies can affect the terms atwhich it trades with other countries.ANS: T PTS: 122. A "large" country, that levies a tariff on imports, cannot improve the terms at which it trades withother countries.ANS: F PTS: 123. For a "large" country, a tariff on an imported product may be partially absorbed by the domesticconsumer via a higher purchase price and partially absorbed by the foreign producer via a lower export price.ANS: T PTS: 124. If a "large" country levies a tariff on an imported good, its overall welfare increases if themonetary value of the tariff's consumption effect plus protective effect exceeds the monetary value of the terms-of-trade effect.ANS: F PTS: 125. If a "small" country levies a tariff on an imported good, its overall welfare increases if themonetary value of the tariff's consumption effect plus protective effect is less than the monetary value of the terms-of-trade effect.ANS: F PTS: 126. A tariff on steel imports tends to improve the competitiveness of domestic automobilecompanies.ANS: F PTS: 127. If a tariff reduces the quantity of Japanese autos imported by the United States, over time itreduces the ability of Japan to import goods from the United States.ANS: T PTS: 128. A compound tariff permits a specified amount of goods to be imported at one tariff rate while anyimports above this amount are subjected to a higher tariff rate.ANS: F PTS: 129. A tariff can be thought of as a tax on imported goods.ANS: T PTS: 130. Although tariffs on imported steel may lead to job gains for domestic steel workers, they can leadto job losses for domestic auto workers.ANS: T PTS: 131. Relatively low wages in Mexico make it impossible for U.S. manufacturers of labor-intensivegoods to compete against Mexican manufacturers.ANS: F PTS: 132. According to the infant-industry argument, temporary tariff protection granted to an infantindustry will help it become competitive in the world market; when internationalcompetitiveness is achieved, the tariff should be removed.ANS: T PTS: 1Exhibit 4.2In the absence of international trade, assume that the equilibrium price and quantity of motorcycles in Canada is $14,000 and 10 units respectively. Assuming that Canada is a small country that is unable to affect the world price of motorcycles, suppose its market is opened to international trade. As a result, the price of motorcycles falls to $12,000 and the total quantity demanded rises to 14 units; out of this total, 6 units are produced in Canada while 8 units are imported. Now assume that the Canadian government levies an import tariff of $1,000 on motorcycles.33. Refer to Exhibit 4.2. As a result of the tariff, the price of imported motorcycles equals $13,000and imports total 4 cycles.ANS: T PTS: 134. Refer to Exhibit 4.2. The tariff leads to an increase in Canadian consumer surplus totaling$11,000.ANS: F PTS: 135. Refer to Exhibit 4.2. The tariff's redistribution effect equals $7,000.ANS: T PTS: 136. Refer to Exhibit 4.2. The tariff's revenue effect equals $6,000.ANS: F PTS: 137. Refer to Exhibit 4.2. All of the import tariff is shifted to the Canadian consumer via a higher priceof motorcycles.ANS: T PTS: 138. Refer to Exhibit 4.2. The tariff leads to a deadweight welfare loss for Canada totaling $1,000.ANS: F PTS: 139. Unlike a specific tariff, an ad valorem tariff differentiates between commodities with differentvalues.ANS: T PTS: 140. A limitation of a specific tariff is that it provides a constant level of protection for domesticcommodities regardless of fluctuations in their prices over time.ANS: F PTS: 141. A tariff quota is a combination of a specific tariff and an ad valorem tariff.ANS: F PTS: 142. A specific tariff is expressed as a fixed percentage of the total value of an imported product.ANS: F PTS: 143. The protective effect of a tariff occurs to the extent that less efficient domestic production issubstituted for more efficient foreign production.ANS: T PTS: 144. A tariff can increase the welfare of a "large" levying country if the favorable terms-of-tradeeffect more than offsets the unfavorable protective effect and consumption effect.ANS: T PTS: 145. If the world price of steel is $600 per ton, a specific tariff of $120 per ton is equivalent to an advalorem tariff of 25 percent.ANS: F PTS: 146. An import tariff will worsen the terms of trade for a "small" country but improve the terms oftrade for a "large" country.ANS: F PTS: 147. Suppose that the tariff on imported steel is 40 percent, the tariff on imported iron ore is 20 percent,and 30 percent of the cost of producing a ton of steel consists of the iron ore it contains. The effective rate of protection of steel is approximately 49 percent.ANS: T PTS: 1。

MCNP 6.1.1 - Beta Release Notes

MCNP 6.1.1 - Beta Release Notes

LA-UR-Approved for public release;distribution is unlimited.Los Alamos National Laboratory, an affirmative action/equal opportunity employer, is operated by the Los Alamos National Security, LLC for the National Nuclear Security Administration of the U.S. Department of Energy under contract DE-AC52-06NA25396. By acceptance of this article, the publisher recognizes that the U.S. Government retains a nonexclusive, royalty-free license to publish or reproduce the published form of this contribution, or to allow others to do so, for U.S. Government purposes. Los Alamos National Laboratory requests that the publisher identify this article as work performed under the auspices of the U.S. Department of Energy. Los Alamos National Laboratory strongly supports academic freedom and a researcher’s right to publish; as an institution, however, the Laboratory does not Title: Author(s): Intended for: 14-24680MCNP 6.1.1-Beta Release NotesTim GoorleyRelease with MCNP 6.1.1MCNP TM 6.1.1 - Beta Release NotesTim Goorley6/24/2014This document provides an overview of the MCNP 6.1.1 beta release, including the new features, bug fixes and other important changes to how the code runs. The production version of the code, MCNP 6.1, was released in June 2013.I.IntroductionII.New Features – CodeIII.New Features - DataIV.Code FixesV.Changes to Nuclear and Atomic Dataments on using the Beta release for Criticality Safety applicationsVII.Known IssuesVIII.Work in ProgressIX.Changes in Running the codeX.Provided Executable Compilation DetailsXI.Installation InstructionsI.IntroductionThe latest release of MCNP6 Monte Carlo code is designated MCNP 6.1.1 beta. We recommend that this beta release is not to be used for production level calculations, because it does not have the same level of verification, validation and testing as MCNP 6.1, both in the evaluation of new features and existing feature interoperability, and testing on a wide variety of hardware andoperating systems. However, if users wish to perform their own V&V, it is ultimately up to their careful consideration how these executables should be used. This release does have the samehigh level of confidence for the existing capabilities released in MCNP 6.1.We have created this release for users interested in testing the new capabilities that are mostly for homeland security and non-proliferation applications. The beta version does not include newcapabilities for the criticality safety community, but does run significantly faster than theproduction version. The MCNP package available from RSICC contains the final productionversion of MCNP 5 and MCNP X, and the latest production version of MCNP 6, in addition to this beta release and the associated nuclear and atomic data. Additional information on the new features can be found in the associated MCNP references collection, and in several cases, in the revised MCNP 6 Manual.II.New Features - Codea.Added Correlated Gamma Multiplicity (CGM) model from LANL, to produce correlatedsecondary particles (gammas) for ACE-based neutron interactions. This feature also providesmore realistic neutron and gamma multiplicities. CGM is invoked by setting the 9th entry on thephys:n card to 2 (effectively a switch between no/ACE/CGM). The default is still to use ACE data. A test suite (Testing/Features/CGM) was added to test this capability. Artf28690b.Enabled delayed alphas from nuclear interactions as well as spontaneous delayed-alpha sources(PAR=sa and PAR=zaid on SDEF card). Added delayed-alpha emission spectra to thedelay_library_v2.dat file (and higher versions). artf29914c.Allow spontaneous neutron (PAR=sn)_and beta (PAR=sb) sources. Enable the production ofthese with heavy-ion decay as well (PAR=ZZAAA ERG=0). Also added DBCN(10), for user input of the half-life threshold for stability (default 1.5768e16 s) Artf27040, artf27488d.Improved time integration of secondary-particle production from spontaneous decay. Althoughtime-dependence is not used for the sampling of source particles from spontaneous decay, the time-dependent differentials are still integrated to obtain total production values. The linear algorithm used to integrate these complex distributions, that are often spread over many decades in time (e.g., 1e-6 to 1e20 s), can lead to significant errors in the integral values (exceeding 50% in some cases). This improvement reset the decay constants to unity and redistributed the 234 time steps to within 20 s (~10 decays), just for the case of spontaneous decay. User control is provided to allow the user to truncate a decay chain after a certain number of decays (~1s per decay). This integration improvement should keep integration errors to <10%. Artf30049e.Added correlated sampling of Delayed-Particle Production. This feature offers correlatedsampling of delayed particles from spontaneous and induced decay. When chosen, this treatment invokes a Monte Carlo sampling of Cinder90 decay branches. Delayed particle spectra from only the sampled branch are subsequently sampled. Use the SAMPLING=[all|correlate] keyword on the ACT card.Three bug fixes involving CINDER_MOD.F90 were also included. Artf28681f.Several unstructured mesh improvements have been made. Added the capability to use theunstructured mesh geometry with electrons, positrons, and protons (or any heavy chargedparticle) transport. Previously only neutron and gamma transport were supported. Pulse height tallies, DXTRAN and point detectors now work with the UM. Overlapping models can be selected globally or by part. Background materials are no longer treated as a void, it is thematerial specified by the container cell. Because of a tracking algorithm change, neutron/photon transport problems have speedups of 20-50%. See the updated UM users’ Guide. The code writes version 4 of the eeout file. The um_post_op utility now has the ability to write a single edit to a file ordered by position. The um_pre_op utility can now check element volumes, and check for twisted and deformed elements in the Abaqus.inp file. Artf30091g.The number of digits in the mctal and output file were increased for large integers. Artf30637h.Several performance enhancements were implemented. Lines of fortran code were revised toreduce setup and wall-clock runtimes. Includes changes to variable initialization, and binary searches. These improvements are always enabled and there are no user controls for them.Artf30039, artf23878i.Added the capability to create Cerenkov optical photons from charged particles and havereflection/refraction at surfaces. The keywords refi, refc, refs added to material cards, 16th entry on phys:<pl> card to control/bias Cerenkov production. Default is off. Artf27508j.Added the Compton Image Tally option, which creates a special tally option (FT card) that enables the creation of two lattice detector grids which can be used in coincidence to create backward-projected Compton circles via a straightforward imaging algorithm. The overlapping of the Compton circles across particle histories should form an image of the source. Artf28594.k.The Cosmic source feature (PAR=cr) now includes heavy ions. A test suite(Testing/Features/COSMIC) was added to test this capability. Artf29193.III.New Features – Dataa.The 3rd version of Background.dat file was released and is located in the MCNP_DATAdirectory. It includes cosmic-source calculations on a 5x10 (latxlong) grid on Earth, and NORM calculations on this grid for the US. This updated file is now the default. Artf28699 andArtf31113b.The file kcksyst.dat was added to the MCNP_DATA directory. It contains parametersystematics for level density calculations for a wide range of nuclei. It is needed by CoH and/or CGM for poorly known nuclei. The reference for how those systematics were established is:"Phenomenological Nuclear Level Densities using the KTUY05 Nuclear Mass Formula forApplications Off-Stability," T.Kawano, S.Chiba, H.Koura. J. Nucl. Sci. Tech. 43(1) 1-8 (2006)c.The file ripl-3.dat was added to the MCNP_DATA directory. It is a compilation of all knowndiscrete level data (so low-lying levels) for each nucleus, as evaluated in the RIPL-3 IAEAcollaboration effort (https:///RIPL-3/)d.Update to the delayed particle emissions library, delay_library.dat, which now includes alphaemissions. The new name is delay_library_v3.dat. MCNP 6.1.1beta will now automatically look for a file named delay_library_v3.dat. artf29914, cmmt124209.IV.Code Fixes: The following is a list of the titles of higher priority bugs that have been fixed since the production release.artf32748 : Fix for cell-source rejection in unstructured embedded geometriesartf32340 : MCNP6 - fix error messages in LLNL fission packageartf32339 : MCNP6 – bug fix for translation of torus surfaceartf31799 : DF dose tally IC=99 option has bug in neutron responseartf31254 : LNK3DNT tracking accuracy bugartf30048 : Unrealistic scores in segmented electron energy deposition tally.artf26783 : Time structure of delayed particles contains anomalous structureartf30637 : Plot and mctal large float and integerartf31704 : Some problems show xsdir lines printed to screen during initializationartf31044 : NCIA options not working correctlyartf30139 : Bad Trouble error in acecasartf31027 : Table 100 print errorartf31263 : FT ROC Tally Option Fails to Rendezvous Properlyartf27841 : WWG Bugartf31264 : um_post_op misc. fixesartf30700 : Incorrect creations time of secondary particles from electrons in magnetic field cells artf31200 : Energy deposition embee gives Nan"s for void cellsartf31180 : DXTRAN diagnostic prints using DD card limitsartf27105 : Magnetic field tracking loses particles if the field direction is perpendicular to a plane surfaceartf29785 : Invalid particle termination before tallydartf27097 : FT TMC option gives bad resultsartf30140 : fixcom bug fixartf29966 : Fission Multiplicity Crashartf21940 : DXTRAN diagnotic table incorrect for kcode problemsartf18109 : PWT card and large source weights can produce wrongartf27742 : Burnup Compatability with Other KCODE Featuresartf25705 : Continuous S(alpha,beta) sampling bugartf28915 : Tally Plots Show Zero Ordinates for Nonzero Tallyartf29432 : Cyclic Time bins created incorrectly from keywordsartf29431 : Cosmic Source Zero Weight Particlesartf29415 : Cosmic Source Option Should Use Provided Polar and Azimuthal Anglesartf29404 : Segfault in expirx print in sourcebartf29305 : Enable FT ROC with FT PHLartf29292 : Tracking Differences with MPI and Delayed Particlesartf29205 : Event Log Analyzer bugs & minor fixesartf18748 : Integer overflow in dxtran diagnotics outputartf29075 : Use of DF 99 Dose option with TMESH tallies is improperartf28704 : WW MESH keyword "kmesh" doesn not accept degrees or radiansartf28857 : Density-Effect Bug with Mixturesartf28953 : Conductor Specification Bugartf28819 : MCTAL Plots For Flux Image Are Often Not Correctartf28122 : New eprdata does not transport photons at the upper energy limit (100 Geartf28646 : particle weight drops without weight cutoff being played when using SI Aartf28599 : Cross Section Plotter Fails to Ignore Coherent Scattering in Some Casesartf28387 : Setting tags for light ion recoil and aceionartf31834 : Electron transport hangs in French UM Problemartf31130 : UM output for regression testingartf31043 : F8 tallies yield incorrect results with unstructured meshV.Changes to Nuclear and Atomic DataThe original S(alpha,beta) data tables for uranium in uranium oxide (u-o2 and u/o2), zirconium in zirconium hydride (zr-h and zr/h), and silicon dioxide (sio2) had some problems in the header of those files. Updated and corrected versions of those files have been provided with a ZAIDextension of 3xt; 2xt is the extension of the originally released files. The new (corrected) datatables are for: u-o2.30t ..... u-o2.37t, zr-h.30t ..... zr-h.37t, sio2.30t ..... sio2.36t. These new tables are the default. The following xsdir files have been revised to include these updates:xsdir_mcnp6.1, xsdir_mcnp6.1_endfb-7.0, xsdir_mcnp6.1_endfb-7.1. These files will overwrite the old xsdir files during installation. It is the intent of the mcnp development team to prevent users from using the wrong data tables, so older copies of these files will also be overwritten during the installation of the beta.ments on using the Beta release for Criticality Safety applicationsMCNP6.1 is the new production version of MCNP [1] released in June 2013. An updated betaversion, MCNP6.1.1, is targeted for release in summer 2014 to enable the use of several newfeatures for homeland security and nonproliferation applications. The beta version does not include new capabilities for the criticality safety community, but does run significantly faster than theproduction version. To verify that both MCNP6.1 and MCNP6.1.1 are performing correctly for criticality safety applications, several suites of verification/validation benchmark problems were runin early 2014. Detailed results and discussion are provided in LA-UR-14-22480, and summarized here:The general conclusions from the recent testing of MCNP6.1 and MCNP6.1.1 for criticality safety applications are:* Both MCNP6.1 and MCNP6.1.1 perform correctly for criticality safety applications.* While small differences were noted for a few cases, these are strictly due to computer roundoff and are not a concern for verification/validation.* MCNP6.1 runs roughly 20-30% slower than MCNP5-1.60.* MCNP6.1.1 runs at least 50-70% faster than MCNP6.1 and 10-15% faster than MCNP5- 1.60.Criticality safety analysts should consider testing MCNP6.1 or MCNP6.1.1 on their particularproblems and validation suites, to prepare for the migration from MCNP5 to MCNP6. It is expected that this migration should be accomplished within the next 1-3 years.F.B. Brown, B.C. Kiedrowski, J.S. Bull, "Verification of MCNP6.1 and MCNP6.1.1 for CriticalitySafety Applications", LA-UR-14-22480 (2014).VII.Known IssuesThe following is a list of known, higher-priority bugs:artf31853 : Nested dxtran spheres in a lattice caused bad trouble error.artf28495 : LNK3DNT issues with eigenvalue calculationsartf29933 : Infinite loop in sdef cell sampling in a latticeartf29268 : Questionable posting to TALMESH and/or TALHEAT manifesting in PHL special tally treatmentartf26747 : Protons on He3 cause array-out-of-bounds error in array XSSartf28325 : Mix-and-match transport below tabular limits.artf28042 : mesh tally isotopic production feature results include reactions in a voidartf10665 : Coincident surface errors using tr in fillartf27093 : Conversion of particle type from LAQGSM to mcnp causes MPI segmentation error artf18740 : Mesh tally number of tracks calculation incorrect, using FM option -1artf25475 : lost particles in a magnetic field latticeVIII.Works in Progressa.Adding the capability to transport light ion source particles (1H, 2H, 3He, 4He, 6Li, 7Li) onto thesame light ion targets, using nuclear and atomic data tables, not theoretical models. The models can be wrong by orders of magnitude for threshold nuclear reactions. This capability is stillunder development and requires the user to download the nuclear data file (CP2011) and updated xsdir, which will be made available from the webpage in the near future. Awarning message will be issued by the code if the particle falls below the lowest energy of thedata table. The light ion tables are only for the source particle onto a heavier particle (thus there is no table for 7Li onto 2H). artf27087b.The charged particle light ion data tables, ACE library CP2011, are not yet available at the timeof this beta release, but will be made available shortly on the website. This data comes from both LANL and TENDL evaluations. See “The Los Alamos CP2011 ACEFormat Charged Particle Transport Library for MCNP6”, by D. Kent Parsons and Morgan C.White.c.Correct elevation scaling for the cosmic background source capability is under development. IX.Changes in running the code.a.MCNP6 can now print out version information to the screen when the –v is added to thecommand prompt line. Artf30585X.Provided Executable Compilation DetailsThe mcnp v 6.1.1 beta executable for Linux was built with:Intel Fortran 12.1.5Gcc 4.7.xCONFIG= “intel plot omp”64-bit executable (x86_64 arch)The mcnp v 6.1.1 beta executable for Linux was built with:Windows Server 2008 Release 2 Standard – Service Pack 1, with AMD-64 bit CPUsIntel Fortran 12.1.7Gcc 4.7.xCONFIG= “intel plot omp”64-bit executable (x86_64 arch)The mcnp v 6.1.1 beta executable for Mac was built with:Mac OS X 10.6.8 (supported on 10.6 & higher)Intel Fortran 12.0gcc 4.2.1CONFIG="intel plot omp"64-bit executable (x86_64 arch)XI.Installing InstructionsThe directions for installing MCNP6v1.1 are found in the HTML file“ABOUT_MCNP611.html”, located in the top level directory on the MCNP 4th DVD (ie. theDVD specific to the MCNP6.1.1 beta release). If you do not already have MCNP6v1 installed, you need to install it first (using RSICC DVDs 1,2 and 3).。

科技英语翻译___课后答案

科技英语翻译___课后答案

科技英语翻译6.1 介词的一般译法第1节翻译练习1In general, man serves as the source of infection while animals act as such only occasionally.An industrial robot shares many attributes in common with a numerical control machine tool.一般来说,人可作为感染源,而动物只是偶然如此。

工业用机器人与数控机床有许多共同的特性。

第1节翻译练习2With non-changeover control both the boiler plant and the chiller plant operate to provide simultaneous heating and cooling throughout the year.The online service delivers substantially more value to our global audience of e-business professionals in the chemical, plastics and allied industries.This device can mimic photosynthesis to produce usable energy from sunlight.采用非转换控制,锅炉设备和制冷装置都在运行,全年可同时供暖和制冷。

该网络服务主要向全球从事化学、塑料及相关工业的专业电子商务用户提供更有价值的服务。

这种装置能够模拟光合作用,利用阳光产生可用的能源。

第1节翻译练习3The longitudinal axis of the turbine generator is perpendicular to the axis of the steam generator. In the right conditions, membranes are self-assembling.Winding of the spring induces residual stresses through bending.汽轮发电机的纵轴与锅炉轴线垂直。

2018年3月量化金融分析师(AQF)全国统一考试模拟卷(试题)[1]

2018年3月量化金融分析师(AQF)全国统一考试模拟卷(试题)[1]

量化金融分析师(AQF®)全国统一考试模拟题适用场次:2018年3月使用本模拟题,您应该遵守:1.本模拟题仅提供给参加2018年3月份AQF全国统一考试的考生,考生仅可以出于准备个人考试的目的查阅和打印本模拟题;2.严禁出于任何目的的复制、网络发布和传播、抄袭本模考题内容,如有违反,可能导致违纪或违法行为;©版权所有,侵权必究。

量化金融标准委员会Standard Committee of Quantitative Finance量化金融分析师(AQF®)全国统一考试模拟题说明:本场考试中的代码都应采用Python 3.X版本作答。

1.单选题(每题1分,本部分共20分):只有一个正确答案,选对得1分,选错或不选得0分。

1.1 技术分析是重要的投资分析方法之一。

其中,起源于日本德川幕府时代的“K线图”(又称蜡烛图、阴阳线)是常用的技术分析方法。

当我们发现某交易日的K线为无下影线阴线时,那么该K线实体的上边线表示()?A. 最高价B. 收盘价C. 最低价D. 开盘价1.2 以下关于各大量化投资交易策略的描述中,不正确的是()?A. 在多因子策略中,一般而言,所选因子的相关性越低越好B. 一般而言,资金流对个股的短期波动影响更大C. 动量反转策略利用的是价格均值回归的特性D. 趋势跟踪策略本质上是一种追涨杀跌的策略,因此并不具有任何盈利的可能性1.3 李明,AQF,某量化基金经理,他在量化投资交易的过程中,发现回测收益往往会大幅高于实盘收益,研究发现造成这种现象的原因有很多,其中,常见的一种原因是在回测的过程中使用了未来数据,未来数据会使得回测收益虚高。

那么在下列量化策略研究过程中,哪个选项最有可能没有使用到未来数据()?A. 在策略回测的过程中,采用某天的最低价作为当天的买入成本价B. 使用整个样本数据对策略参数进行寻优后,使用该优化后的参数进行策略回测,并对该策略进行有效性评估C. 以发出交易信号后的下一天的开盘价作为策略的成交价,未设置滑点D. 以当前沪深300成分股为研究对象,研究过去10年沪深300成分股的选股策略1.4 李明,AQF,某量化基金经理,正在研究事件驱动型套利策略,以下哪个选项描述了事件驱动型套利策略()?A. 基金经理持有目前或者预期会发生诸如以下交易事项的公司的金融产品:(包括但不限于)合并、重组、财务危机、股权收购、股东回购、发行债务交换、证券发行或其他资本结构调整B. 基金经理根据潜在的宏观经济变量及其对股票、固定资产、货币和大宗商品市场的影响,进行相关交易C. 基金经理基于多个证券估值差异及其关系的理论进行交易D. 基金经理在现货市场和衍生品市场进行方向相反的操作1.5 字符串格式化是量化投资策略编写过程中常用的方法,那么以下哪种代码可以用来实现浮点数格式化()?A.%cB. %dC. %fD. %s1.6 李明,AQF,某量化基金经理,在1.2308做空欧元/美元的差价合约,之后欧元/美元汇率跌至1.2133,李明可以通过以下哪个类型的委托单来实现继续持有空头仓位的同时控制回撤风险()?A. 市价买单B. 市价卖单C. 限价买单D. 止损买单1.7 当横线处填入()时,代码打印输出的结果是列表中所有的深交所上市的股票代码?(注意:上交所代码以6开头,深交所代码以0或3开头)for stock_code in ['002003', '600015', '300001', '002300']: if stock_code.startswith('6'):_____print(stock_code)A.raiseB. continueC. passD. break1.8 李明,AQF,某量化基金经理,他在进行策略研究时需要从DataFrame数据类型stock_base_data中提取2018-01-03至2018-01-05(含01-05)时间段中的股票PE、CLOSE数据,该DataFrame如下:则李明提取数据时可以使用的代码为()?A. stock_base_data.iloc['2018-01-03':'2018-01-05', ['PE', 'CLOSE']]B. stock_base_data.loc['2018-01-03':'2018-01-05', ['PE', 'CLOSE']]C. stock_base_data.loc[['PE', 'CLOSE'], '2018-01-03':'2018-01-05']D. stock_base_data.iloc[2:4, ['PE', 'CLOSE']]1.9 李明,AQF,某量化基金经理,想要评估长期持有的某只股票在过去三天的总体表现。

6sigma黑带培训教材英文精编版

6sigma黑带培训教材英文精编版
Three Types of பைடு நூலகம்imits
Distribution of Individual ValuesDistribution of Sample Averages
Process Capability Indices
Two measures of process capabilityProcess PotentialCp Process PerformanceCpu Cpl Cpk
Process Capability
Process Capability is the inherent reproducibility of a process’s output. It measures how well the process is currently behaving with respect to the output specifications. It refers to the uniformity of the process.Capability is often thought of in terms of the proportion of output that will be within product specification tolerances. The frequency of defectives produced may be measured ina) percentage (%)b) parts per million (ppm)c) parts per billion (ppb)
Process Potential
a) Process is highly capable (Cp>2)b) Process is capable (Cp=1 to 2)c) Process is not capable (Cp<1)

高二英语数学建模方法单选题20题

高二英语数学建模方法单选题20题

高二英语数学建模方法单选题20题1. In the process of mathematical modeling, "parameter" means _____.A. a fixed valueB. a variable valueC. a constant valueD. a random value答案:A。

解析:“parameter”常见释义为“参数”,通常指固定的值,选项 A 符合;选项B“variable value”意为“变量值”;选项C“constant value”指“常数值”;选项D“random value”是“随机值”,在数学建模中“parameter”通常指固定的值。

2. When building a mathematical model, "function" is often used to describe _____.A. a relationship between inputs and outputsB. a set of random numbersC. a single valueD. a group of constants答案:A。

解析:“function”在数学建模中常被用来描述输入和输出之间的关系,选项 A 正确;选项B“a set of random numbers”表示“一组随机数”;选项C“a single value”是“单个值”;选项D“a group of constants”指“一组常数”。

3. In the context of mathematical modeling, "optimization" refers to _____.A. finding the best solutionB. creating a new modelC. changing the parameters randomlyD. ignoring the constraints答案:A。

Chaotic Interest Rate Rules

Chaotic Interest Rate Rules

Chaotic Interest Rate Rules∗Jess Benhabib†New York UniversityStephanie Schmitt-Groh´e‡Rutgers University and CEPRMart´ın Uribe§University of PennsylvaniaAugust15,2001AbstractA growing empirical and theoretical literature argues in favor of specifying monetarypolicy in the form of Taylor-type interest rate feedback rules.That is,rules wherebythe nominal interest rate is set as an increasing function of inflation with a slope greaterthan one around an intended inflation target.This paper shows that such rules caneasily lead to chaotic dynamics.The result is obtained for feedback rules that dependon contemporaneous or expected future inflation.The existence of chaotic dynamicsis established analytically and numerically in the context of calibrated economies.Thebattery offiscal policies that has recently been advocated for avoiding global indeter-minacy induced by Taylor-type interest-rate rules(such as liquidity traps)are shown tobe unlikely to provide a remedy for the complex dynamics characterized in this paper.JEL Classification Numbers:E52,E31,E63.Keywords:Taylor rules,chaos,periodic equilibria.∗We thank for comments seminar participants at the2001NBER Summer Institute and for technical assistance the C.V.Starr Center of Applied Economics at New York University.†Phone:212998-8066.Email:jess.benhabib@.‡Phone:7329322960.Email:grohe@.§Phone:2158986260.Email:uribe@.1IntroductionIn much of the recent literature on monetary economics it is assumed that monetary policy takes the form of an interest-rate feedback rule whereby the central bank sets the nominal interest rate as a function of some measure of inflation and the level of aggregate activity. One justification for this modeling strategy is empirical.Several authors,beginning with Taylor(1993)have documented that the central banks of major industrialized countries im-plement monetary policy through interest-rate feedback rules of this type.1These empirical studies have further shown that since the early1980s interest-rate feedback rules in devel-oped countries have been active in the sense that the nominal interest rate responds more than one for one to changes in the inflation measure.For example,Taylor(1993)finds that for the U.S.during the post-Volker era,the inflation coefficient of the interest-rate feedback rule is about1.5.In his seminal paper,Taylor(1993)also argues on theoretical grounds that active interest-rate feedback rules—which have become known as Taylor rules—are desirable for aggregate stability.The essence of his argument is that if in response to an increase in inflation the central bank raises nominal interest rates by more than the increase in inflation,the resulting increase in real interest rates will tend to slowdown aggregate demand thereby curbing inflationary pressures.Following Taylor’s influential work,a large body of theoretical research has argued in favor of active interest rate rules.One argument in favor of Taylor-type rules is that they guarantee local uniqueness of the rational expectations equilibrium.2 The validity of the view that Taylor rules induce determinacy of the rational expectations equilibrium has been challenged in two ways.First,it has been shown that local determinacy of equilibrium under active interest-rate rules depends crucially on the assumed preference and technology specification and as well as on the nature of the accompanyingfiscal regime (Leeper,1991;Benhabib,Schmitt-Groh´e and Uribe,2001b,Carlstrom and Fuerst,2000and 2001a,and Dupor,1999).Second,even in cases in which active interest-rate rules guarantee uniqueness of the rational expectations equilibrium locally,they may fail to do so globally. Specifically,Benhabib,Schmitt-Groh´e,and Uribe(2001a)and Schmitt-Groh´e and Uribe (2000a,b)show that interest-rate rules that are active around some inflation target give rise to liquidity traps.That is,to unintended equilibrium dynamics in which inflation falls to a low and possibly negative long-run level and the nominal rate falls to a low and possibly zero level.In this paper,we identify a third form of instability that may arise under Taylor-type policy rules.Specifically,we show that active interest-rate rules may open the door to equilibrium cycles of any periodicity and even chaos.These equilibria feature trajectories that converge neither to the intended steady state nor to an unintended liquidity trap. Rather the economy cycles forever around the intended steady state in a periodic or aperiodic fashion.Interestingly,such equilibrium dynamics exist precisely when the target equilibrium is unique from a local point of view.That is,when the inflation target is the only equilibrium level of inflation within a sufficiently small neighborhood around the target itself.We establish the existence of periodic and chaotic equilibria analytically in the context 1See for instance Clarida,Gal´ı,and Gertler(1998),Clarida and Gertler(1997),and Taylor(1999).2See,for example,Leeper(1991),Rotemberg and Woodford(1999),and Clarida,Gal´ı,and Gertler(2000).of a simple,discrete-time,flexible-price,money-in-the-production-function economy.For analytical convenience,we restrict attention to a simplified Taylor rule in which the nominal interest rate depends only on inflation.We consider two types of interest rate feedback rules. In one the argument of the feedback rule is a contemporaneous measure of inflation and in the other the central bank responds to expected future inflation.We show that the theoretical possibility of complex dynamics exists under both specifications of the interest rate feedback rule.To address the empirical plausibility of periodic and chaotic equilibria,we show that these complex dynamics arise in a model that is calibrated to the U.S.economy.The remainder of the paper is organized in four sections.Section2presents the basic theoretical framework and characterizes steady-state equilibria.Section3demonstrates the existence of periodic and chaotic equilibria under a forward-looking interest-rate rule.Sec-tion4extends the results to the case of Taylor-type rules whereby the nominal interest rate depends upon a contemporaneous measure of inflation.Finally,section5discusses the ro-bustness of the results to a number of variations in the economic environment.It shows that periodic equilibria also exist when the Taylor rule is globally linear and does not respect the zero bound on nominal rates.In addition it considers the consequences of assuming that money affects output with lags.The section closes with a brief discussion about learn-ability of the equilibria studied in the paper and the design of policies geared at restoring uniqueness.2The economic environment2.1HouseholdsConsider an economy populated by a large number of infinitely lived agents with preferences described by the following utility function:∞t=0βtc t1−σ1−σ;σ>0,β∈(0,1)(1)where c t denotes consumption in period t.Agents have access to two types offinancial asset:fiat money,M t,and government bonds,B ernment bonds held between periods t and t+1pay the gross nominal interest rate R t.In addition,agents receive a stream of real income y t and pay real lump-sum taxesτt.The budget constraint of the representative household is then given byM t+B t+P t c t+P tτt=M t−1+R t−1B t−1+P t y t,where P t denotes the price level in period t.Letting a t≡(M t+B t)/P t denote realfinancial wealth in period t,m t≡M t/P t denote real money balances,andπt≡P t/P t−1the gross rate of inflation,the above budget constraint can be written asa t+c t+τt=(1−R t−1)πt m t−1+R t−1πta t−1+y t.(2)To prevent Ponzi games,households are subject to a borrowing constraint of the formlim t→∞a tt−1j=0(R j/πj+1)≥0.(3)We motivate a demand for money by assuming that real balances facilitatefirms trans-actions as in Calvo(1979),Fischer(1974),and Taylor(1977).Specifically,we assume that output is an increasing and concave function of real balances.Formally,y t=f(m t).(4) Households choose sequences{c t,m t,y t,a t}∞t=0so as to maximize the utility function(1) subject to(2)-(4),given a−1.Thefirst-order optimality conditions are constraints(2)-(4) holding with equality andc−σt=βc−σt+1R tπt+1(5)f (m t)=R t−1R t.(6)Thefirst optimality condition is a standard Euler equation requiring that in the margin a dollar spent on consumption today provides as much utility as that dollar saved and spent tomorrow.The second condition says that the marginal productivity of money at the optimum is equal to the opportunity cost of holding money,(R t−1)/R t.2.2The monetary/fiscal policy regimeFollowing a growing recent empirical literature that has attempted to identify systematic components in monetary policy,we postulate that the government conducts monetary policy in terms of an interest rate feedback rule of the formR t=ρ(πt+j);j=0or1.(7) We consider two cases:forward-looking interest rate feedback rules(j=1)and contem-poraneous interest rate feedback rules(j=0).Under contemporaneous feedback rules the central bank sets the current nominal interest rate as a function of the inflation rate between periods t−1and t.We also analyze the case of forward-looking rules because a number of authors have argued that in the post-Volker era,U.S.monetary policy is better described as incorporating a forward-looking component(see Clarida et al.,1998;Orphanides,1997).We impose four conditions on the functional form of the interest-rate feedback rule:First, in the spirit of Taylor(1993)we assume that monetary policy is active around a target rate of inflationπ∗>β;that is,the interest elasticity of the feedback rule atπ∗is greater than unity,orρ (π∗)π∗/ρ(π∗)>1.Second,we impose the restrictionρ(π∗)=π∗/β,which ensuresthe existence of a steady-state consistent with the target rate of inflation.Third,we assume that the feedback rule satisfy(strictly)the zero bound on nominal interest rates,ρ(π)>1 for allπ.Finally,we assume that the feedback rule is nondecreasing,ρ (π)≥0for allπ.Government consumption is assumed to be zero.Thus,each period the government faces the budget constraint M t+B t=M t−1+R t−1B t−1−P tτt.This constraint can be written in real terms in the following form:a t=R t−1πta t−1−R t−1−1πtm t−1+τt.(8)This expression states that total government liabilities in period t,a t,are given by liabilities carried over from the previous period,including interest,R t−1/πt a t−1,minus total consol-idated government revenues,given by the expression in square brackets on the right-hand side.Consolidated government revenues,in turn,have two components:seignorage revenue, [(R t−1−1)/πt]m t−1,and regular taxes,τt.We assume that thefiscal regime consists of setting consolidated government revenues as a fraction of total government liabilities.Formally,R t−1−1πtm t−1+τt=ωa t−1;ω>0.(9) Combining the above two expressions,(8)and(9),we obtain:a t=R t−1πt−ωa t−1(10)Given our maintained assumption thatω>0,this expression implies thatlim t→∞a tt−1j=0(R j/πj+1)=0.(11)Therefore,the assumedfiscal policy ensures that the household’s borrowing limit holds with equality under all circumstances.2.3EquilibriumCombining equations(2)and(8)implies that the goods market clears at all times:y t=c t.(12) We are now ready to define an equilibrium real allocation.Definition1An equilibrium real allocation is a set of sequences{m t,R t,c t,πt,y t}∞t=0satis-fying R t>1,(4)-(7)and(12).Given a−1and any pair of equilibrium sequences{R t,πt}∞t=0,equation(10)gives rise to a sequence{a t}∞t=0that,as shown above,satisfies the transversality condition(11).For analytical and computational purposes,we will focus on the following specific para-meterizations of the monetary policy rule and the production function:R t=ρ(πt+j)≡1+(R∗−1) πt+jπ∗A(R∗−1);R∗=π∗/β(13)andf(m t)=[amµt+(1−a)¯yµ]1µ;µ<1,a∈(0,1].(14) We assume that A/R∗>1,so that at the target rate of inflation the feedback rule satisfies the Taylor criterionρ (π∗)π∗/ρ(π∗)>1.In other words,at the target rate of inflation,the interest-rate feedback rule is active.The parameter¯y is meant to reflect the presence of a fixed factor of production.Under this production technology one may view real balances either as directly productive or as decreasing the transaction costs of exchange.3 With these particular functional forms,an equilibrium real allocation is defined as a set of sequences{m t,R t,c t,πt,y t}∞t=0satisfying R t>1,(5),(6),and(12)-(14).2.4Steady-state equilibriaConsider constant solutions to the set of equilibrium conditions(5),(6),(12),(13),and (14).Because none of the endogenous variables entering in the equilibrium conditions is predetermined in period t(i.e.,all variables are‘jump’variables),such solutions represent equilibrium real allocations.We refer to this type of equilibrium as steady-state equilibria. By equation(5),the steady-state nominal interest rate R is related to the steady-state inflation rate as R=β−1π.In addition,the interest-rate feedback rule(13)implies that R=ρ(π).Combining these two expressions,yields the steady-state conditionβ−1π=ρ(π).Figure1depicts the left-and right-hand sides of this condition for the particular functional form ofρ(π)given in equation(13).Clearly,one steady-state value of inflation is the target inflation rateπ∗.The slope ofρ(π)atπ∗isβ−1A/R∗which is greater than the slope of the left-hand side,β−1.This means that at this steady state monetary policy is active.We therefore refer to this steady-state equilibrium as the active steady state,and denote the associated real allocation by(y∗,c∗,m∗,R∗,π∗).The particular functional form assumed for the interest-rate feedback rule implies thatρ(π)is strictly convex,strictly increasing,and strictly greater than one.Consequently,there exists another steady state value of inflation,πp,which lies betweenβandπ∗.Thus,the steady-state interest rate associated withπp, R p=πp/βis strictly greater than one.Further,at this second steady state,the feedback rule is passive.To see this,note thatρ (πp)<β−1,which implies thatρ (πp)πp/ρ(πp)=ρ (πp)β<1.Thus,we refer to this steady-state equilibrium as the passive steady state and denote the implied real allocation by(y p,c p,m p,R p,πp).43It is also possible to replace thefixed factor¯y with a function increasing in labor,and add leisure to the utility function.The current formulation then would correspond to the case of an inelastic labor supply.4For the steady-state levels of output and real balances to be well defined(i.e.,positive real values),it is necessary that(R p−1)/R p>a1/µwhenµ>0and that(R∗−1)/R∗<a1/µwhenµ<0.Given all other parameter values,these restrictions are satisfied for a sufficiently small.3Equilibrium Dynamics Under Forward-Looking Interest-Rate Feedback RulesConsider the case in which the central bank sets the short-term nominal interest rate as a function of expected future inflation,that is,j =1in equation (13).Combining 6)and (14)yields the following negative relation between output and the nominal interest rateR t =R (y t );R <0.(15)This expression together with (5),(12),and (13),implies a first-order,non-linear difference equation in output of the form:y t +1=F (y t )≡β1/σy tR (y t )ρ−1(R (y t )) 1/σ,(16)where ρ−1(·)denotes the inverse of the function ρ(·).Finding an equilibrium real allocationthen reduces to finding a real positive sequence {y t }∞t =0satisfying (16).53.1Local EquilibriaConsider perfect-foresight equilibrium real allocations in which output remains forever in an arbitrarily small neighborhood around a steady state and converges to it.To this end,we log-linearize (16)around y ∗and y p .This yieldsy t +1= 1+ R σ 1−1 ρy t ,(17)where y t denotes the log-deviation of y t from its steady-state value.The parameter R <0denotes the elasticity of the function R (·),defined by equation (15),with respect to y t evaluated at the steady-state value of output.Finally, ρ>0denotes the elasticity of the interest-rate feedback rule with respect to inflation at the steady state.Consider first the passive steady state.As shown above,in this case the feedback-rule is passive,that is, ρ<1.It follows that the coefficient of the linear difference equation (17)is greater than one.With y t being a non-predetermined variable,this implies that the passive steady state is locally the unique perfect-foresight equilibrium.Now consider the local equilibrium dynamics around the active steady state.By assump-tion,at the active steady state ρis greater than 1.This implies that the coefficient of the difference equation (17)is less than unity.For mildly active policy rules,that is, ρclose to one,the coefficient of (17)is less than one in absolute value.Consequently,in this case the rational expectations equilibrium is indeterminate.It follows from our analysis that the 5An additional restriction that solutions to (16)must satisfy in order to be able to be supported as equi-librium real allocation is that 1−a 1/(1−µ)1−a −1/µ¯y >y t >(1−a )1/µ¯y when µ>0and 1−a 1/(1−µ)1−a−1/µ¯y <y t <(1−a )1/µ¯y when µ<0.These constraints ensure that R t ≥1and that m t is a positive real number.parameter value ρ=1is a bifurcation point of the dynamical system(17),because at this value the stability properties of the system changes in fundamental ways.For sufficiently active policy rules,a second bifurcation point might emerge.In particu-lar,if R/σ<−2,then there exists an ρ>1at which the coefficient of the linear difference equation(17)equals minus1.Above this value of ρthe coefficient of the difference equa-tion is greater than one in absolute value and the equilibrium is locally unique,as in the neighborhood of the passive steady state.One might conclude from the above characterization of local equilibria that as long as the policymaker peruses a sufficiently active monetary policy,he can guarantee a unique equilibrium around the inflation targetπ∗.In this sense active monetary policy might be viewed as stabilizing.However,this view can be misleading.For the global picture can look very different.We turn to this issue in the next subsection.3.2ChaosConsider the case of a sufficiently active monetary policy stance that ensures that the inflation target of the central bank,π∗,is locally the unique equilibrium.Formally,assume that at the active steady state ρ>1/(1+2σ/ R).6Such a monetary policy,while stabilizing from a local perspective,may be quite destabilizing from a more global perspective.In particular, there may exist equilibria other than the active steady-state,with the property that the real allocationfluctuates forever in a bounded region around the target allocation.These equilibria include cycles of any periodicity and even chaos(i.e.,non-periodic deterministic cycles).To address the possibility of these disturbing equilibrium outcomes,wefirst establish theoretically the conditions under which periodic and chaotic dynamics exist.We then show that these conditions are satisfied under plausible parameterizations of our simple model economy.3.2.1ExistenceTo show the existence of chaoticfluctuations,we apply a theorem due to Yamaguti and Matano(1979)on chaotic dynamics in scalar systems.To this end,we introduce the following change of variable:q t=µlny ty p.E quation(16)can then be written asq t+1=H(q t;α)≡q t+αh(q t),(18) where the parameterαand the function h(·)are defined asα=1σ6We are implicitly assuming that the second bifurcation point exists,that is,that the condition R/σ<−2 is satisfied.andh(q t)=(−µ)ln(ρ−1(R(y p e q t/µ))−lnβ−ln R(y p e q t/µ).We restrict attention to negative values ofµ.As we discuss below,this is the case of greatest empirical interest.The function h is continuous and has two zeros,one at q=0and the other at q∗≡µln(y∗/y p)>0.Further h is positive for q t∈(0,q∗)and negative for q t/∈[0,q∗]. To see this,note that h(q)is simply the natural logarithm of[β−1π/ρ(π)](−µ)and thatπis a monotonically increasing function of q.As can be seen fromfigure1,β−1πis equal toρ(π)at the passive and active steady states(πp andπ∗),is greater thanρ(π)between the two steady states(π∈(πp,π∗)),and is smaller thanρ(π)outside this range(π/∈[πp,π∗]). It follows that the differential equation˙x=h(x)has two stationary(steady-state)points,0 and q∗.In addition,the stationary point q∗is asymptotically stable.We are now ready to state the Yamaguti and Matano(1979)theorem.Theorem1(Yamaguti and Matano(1979))Consider the difference equationq t+1=H(q t;α)≡q t+αh(q t).(19) Suppose that(a)h(0)=h(q∗)=0for some q∗>0;(b)h(q)>0for0<q<q∗;and(c) h(q)<0for q∗<q<κ,where the constantκis possibly+∞.Then there exists a positive constant c1such that for anyα>c1the difference equation(19)is chaotic in the sense of Li and Yorke(1975).Suppose in addition thatκ=+∞.Then there exists another constant c2,0<c1<c2, such that for any0≤α≤c2,the map H has an invariantfinite interval[0,γ(α)](i.e.,H maps[0,γ(α)]into itself)withγ(α)>q∗.Moreover,when c1<α≤c2,the above-mentioned chaotic phenomenon occurs in this invariant interval.The application of this theorem to our model economy is immediate.It follows that there ex-ist parameterization of the model for which the real allocation cycles perpetually in a chaotic fashion,that is,deterministically and aperiodically.According to the theorem,chaotic dy-namics are more likely the larger is the intertemporal elasticity of substitution,1/σ.We next study the empirical plausibility of the parameterizations consistent with chaos.3.2.2Empirical plausibilityTo shed light on the empirical plausibility of the existence of chaotic equilibria under active monetary policy,consider the following calibration of the model economy.The time unit is a quarter.Let the intended nominal interest rate be6percent per year(R∗=1.061/4),which corresponds to the average yield on3-month U.S.Treasury bills over the period1960:Q1 to1998:Q3.We set the target rate of inflation at4.2percent per year(π∗=1.0421/4). This number matches the average growth rate of the U.S.GDP deflator during the period 1960:Q1-1998:Q3.The assumed values for R∗andπ∗imply a subjective discount rate of1.8 percent per year.Following Taylor(1993),we set the elasticity of the interest-rate feedback rule evaluated atπ∗equal to1.5(i.e.,A/R∗=1.5).There is a great deal of uncertainty about the value of the intertemporal elasticity of substitution1/σ.In the real-business-cycle literature,authors have used values as low as1/3(e.g.,Rotemberg and Woodford,1992)and as high as1(e.g.,King,Plosser,and Rebelo, 1988).In the baseline calibration,we assign a value of1.5toσ.We will also report the sensitivity of the results to variations in the value assumed for this parameter.Equations(6)and(14)imply a money demand function of the formm t=y tR t−1aR t1/(µ−1).(20)Using U.S.quarterly data from1960:Q1to1999:Q3,we estimate the following money demandfunction by OLS:7ln m t=0.0446+0.0275ln y t−0.0127lnR t−1R t+1.5423ln m t−1−0.5918ln m t−2t-stat=(1.8,4.5,−4.7,24.9,−10.0)R2=0.998;DW=2.18.We obtain virtually the same results using instrumental variables.8The short-run log-log elasticity of real balances with respect to its opportunity cost(R t−1)/R t is-0.0127,while the long-run elasticity is-0.2566.The large discrepancy between the short-and long-run interest rate elasticities is due to the high persistence of real balances in U.S.data.This discrepancy has been reported in numerous studies on U.S.money demand(see,for example, Goldfeld,1973;and Duprey,1980).Our model economy does not distinguish between short-and long-run money demand elasticities.Thus,it does not provide a clear guidance as to which estimated elasticity to use to uncover the parameterµ.Were one to use the short-run elasticity,the implied value ofµwould be-77.The value ofµfalls to-3when one uses the long-run money demand elasticity.In the baseline calibration of the model,we will assign a value of−9,which implies a log-log interest elasticity of money demand of-0.1.We will also show results for a variety of other values within the estimated range.9 To calibrate the parameter a of the production function,we solve the money demand equation(20)for a and obtaina=R t−1R tm ty t1−µ.We set m t/y t=4/5.8to match the average quarterly U.S.M1to GDP ratio between1960:Q1 and1999:Q3.We also set R to1.061/4as explained above.Given the baseline value ofµ,the implied value of a is0.000352.10Finally,we set thefixed factor¯y at1.Table1summarizes the calibration of the model.7We measure m t as the ratio of M1to the implicit GDP deflator.The variable y t is real GDP in chained 1996dollars.The nominal interest rate R t is taken to be the gross quarterly yield on3-month Treasury bills.8As instruments we choose thefirst three lags of ln y t and ln(R t−1)/R t,and the third and fourth lags of ln m t.9An alternative strategy would be to build a model where lagged values of real balances emerge endoge-nously as arguments of the liquidity preference function.However,such exercise is beyond the scope of this paper.10In calibrating a,we do not use the estimated constant in our money demand regression.The reason is that the model features a unit income elasticity of money demand whereas the regression equation does not.Table1:Calibrationβσµa¯yπ∗R∗A0.996 1.5-90.0003521 1.0103 1.0147 1.522Note:The time unit is1quarter.Figure2shows thefirst three iterates of the difference equation(16),which describes theequilibrium dynamics of output,for the baseline calibration.In all of the three panels,thestraight line is the45o degree line and the range of values plotted for output starts at theactive steady state,y∗,and ends at the passive steady state,y p.Thefigure shows that thesecond-and third iterates of F havefixed points other than the steady-state values y∗and y p.This means that there exist two-and three-period cycles.The presence of three-period cycles is of particular importance.For,by Sarkovskii’s(1964)theorem,the existence ofperiod-three cycles implies that the map F has cycles of any periodicity.Moreover,as aconsequence of the result of Li and Yorke(1975),the existence of period-three cycles implieschaos.That is,for the baseline calibration there exist perfect-foresight equilibria in whichthe real allocationfluctuates perpetually in an aperiodic fashion.Indeed,three-period cycles emerge for any value ofσbelow1.75.Thisfinding is linewith theorem1,which states that there exists a value forσbelow which chaotic dynamicsnecessarily occur.On the other hand,for values ofσgreater than1.75,three-period cyclesdisappear.This does not mean,however,that for such values ofσthe equilibrium dynamicscannot be quite complex.For example,forσbetween1.75and1.88,we could detect six-period cycles.Sarkovskii’s theorem guarantees that if six-period cycles exist,then cycles of periodicities2n3for all n≥1also exist.Forσbetween1.88and2period-four and period-two cycles exist.11Wefind that for values ofµless than-7.5,the economy has three-period cycles when all other parameters take their baseline values.On the other hand,for values ofµgreater than -7.5three-period cycles cease to exist.Therefore,the more inelastic is the money demand function,the more likely it is that chaotic dynamics emerge.4Equilibrium dynamics under contemporaneous Tay-lor rulesConsider the case that the interest-rate feedback rule depends on a contemporaneous measure of inflation,that is,j=0in equation(13).For simplicity,in this section we focus on a special parameterization of the production function given in(14).Specifically,we assume that the elasticity of substitution between real balances and thefixed factor of production is one,1/(1−µ)=1and normalize thefixed factor to unity.Then the production function can be written as:y t=m a t.(21) An equilibrium real allocation is then defined as a set of sequences{m t,R t,c t,πt,y t}∞t=0 satisfying R t>1,(5),(6),(12),(13)(with j=0),and(21).Combining these equilib-rium conditions yields the followingfirst-order non-linear difference equation describing the equilibrium law of motion of the nominal interest rate:R∗R tR t−1R tσa1−a=R∗−1R t+1−1(R∗−1)/AR t+1−1R t+1σa1−a.(22)4.1Local equilibriaTo characterize local equilibrium dynamics,we log-linearize(22)around the steady state R ss,where R ss takes the values R∗or R p.This yields:Rt+1=θ R t ,whereθ≡δ(R ss)−1δ(R ss)−R∗−1R ss−1R ssA,11Forσ>1.71,the aforementioned cycles occur in a feasible invariant interval.That is,in a feasible interval A such that F(A)∈A.The interval A contains both steady states.The upper end of the interval coincides with y p and the lower end is below y∗.In terms of the notation of the Yamaguti and Matano (1979)theorem,the values of1/σof1/1.75and1/1.71correspond to the constants c1and c2,respectively.。

北美精算考试SOA第二门FM(Derivative Markets衍生品市场)知识点总结新

北美精算考试SOA第二门FM(Derivative Markets衍生品市场)知识点总结新

Premium received Asset price contingency: K>ST Maximum Loss: -K + FV(PP) Maximum Gain: FV(PP) Long with respect to underlying asset
but short with respect to derivative
price of underlying asset rises Premium received Asset price contingency: ST>K Maximum Loss: FV(PC) Maximum Gain: FV(PC)
Right, but not obligation, to sell a commodity at some future date
Profit graph is identical to that of a purchased put
Payoff graphs can be made identical by adding a zero-coupon bond to the purchased put
Long Index Payoff +
Name Long Forward
Graph
Short Forward
See above
Long Call (Purchased Call)
Short Call (Written Call)
Long Put (Purchased Put)
Description
Payoff
Profit
Comments
No premium Asset price contingency: Always Maximum Loss: Unlimited Maximum Gain: F
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Abstract We compute the one-loop effective action in N = 1 superconformal SU (N ) gauge theory which is an exactly marginal deformation of the N = 4 SYM. We consider an abelian background of constant N = 1 gauge field and single chiral scalar. While for finite N the effective action depends non-trivially on the deformation parameter q = eiπβ , this dependence disappears in the large N limit if the parameter β is real. This conclusion matches the strong-coupling prediction coming from the form of a D3-brane probe action in the dual supergravity background: for the simplest choice of the D3-brane position the probe action happens to be the same as for a D3-brane in AdS5 × S 5 placed parallel to the boundary of AdS5 . This suggests that in the real β deformation case there exists a large N non-renormalization theorem for the F 4 term in the action.
hep-th/0508098 August, 2005
Effective action of β -deformed N = 4 SYM theory and AdS/CFT
arXiv:hep-th/0508098v3 12 Oct 2005
S. M. Kuzenkoa, 1 and A. A. Tseytlinb,2
1 2
kuzenko@.au Also at Imperial College, London and Lebedev Institute, Moscow. tseytlin@
1
Introduction
The study of AdS/CFT duality for less supersymmetric cases was recently boosted by the discovery of the supergravity background [1] dual to the exactly marginal N = 1 superconformal β -deformation [2] of the maximally supersymmetric SU (N ) SYM theory (earlier work on this gauge theory and its supergravity dual appeared in [3] and [4, 5]). The most immediate implication of the large N AdS/CFT duality is the matching between the anomalous dimensions of single-trace composite operators and the corresponding spectrum of string energies. This matching was demonstrated in a certain “semiclassical” limit in [6, 7] (using, in particular, gauge-theory results of [8]). Some properties of anomalous dimensions and correlation functions of the β -deformed gauge theory were recently studied in [9, 10, 11, 12]. Here we complement this work by considering the one-loop low-energy effective action for a simple gauge field F and scalar Φ background on a Coulomb branch [13, 14] of the β -deformed theory.1 This allows us to compare the F 4 /|Φ|4 term in this action with the corresponding term in the action of a D3-brane probe placed in the deformed (AdS5 × S 5 )β background.2 As is well known, in the case of undeformed N = 4 SYM theory the two terms agree [15] (for a review and extensions see [16]), and this may be interpreted as a manifestation of a non-renormalization theorem [17]. For the simplest abelian gauge theory background we shall consider below only one of the three chiral scalar fields will be chosen to have a non-zero value. In the dual supergravity picture this translates into the position of the D3-brane probe on (S 5 )β being at µ1 = 1, µ2 = µ3 = 0 (in the notation of [1]) with the three other isometric angles being trivial. In this case the inspection of the deformed background in [1] shows that all the dependence on the (in general, complex) deformation parameter β drops out, i.e. the D3-brane probe action happens to be the same as in the AdS5 × S 5 case. The coefficient of the F 4 /|Φ|4 term in the one-loop SU (N ) gauge theory effective action we shall compute below has, in general, a non-trivial dependence on β . However, this dependence completely drops out in the large N limit, provided β is real. In fact, the large N limit of the 1-loop effective action in the real deformation case turns out to be the same as in the undeformed SYM theory. This agrees with the strong-coupling prediction
Second-derivative term in the low-energy effective action at a generic point of the Coulomb branch was considered in [14]. Here we will be interested in 4-derivative F 4 , etc., terms. 2 Matching of constant scalar potential term in D3-brane probe action with 1-loop correction in the general deformed gauge theory away from superconformal point was observed earlier in [ the D3-brane probe action, with a plausible explanation of this matching being the existence of a non-trivial large N non-renormalization theorem. The case of complex β is different: here the dependence of the one-loop gauge theory effective action on the deformation parameter survives the large N limit and thus disagrees with the form of the D3-brane action. This provides another indication that the complex β deformation case is more complicated than the real β one, and that the implications of the AdS/CFT duality here are much harder to uncover (other complications of complex β case are lack of integrability on both gauge theory and string theory sides, need to use S-duality [1] to construct the string background implying lack of useful perturbative definition of the corresponding string theory, etc., [6]). Below in section 2 we shall review the structure of the β -deformed gauge theory and write down the general expression for its 1-loop effective action in an abelian background. In section 3 we shall find the explicit form of the term quartic in the gauge field strength and analyze its dependence on the deformation parameter q = eiπβ and N . Appendices A, B and C contain some technical details while in Appendix D we present the form of the second-derivative term in the effective action in the case of a more general diagonal abelian background.
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