The present paper offers an opportunity to explore Keynes＇ contribution to our understanding of crisis by returning to him seminal contribution in the theory of the effective demand. The analysis contrasts this appro...The present paper offers an opportunity to explore Keynes＇ contribution to our understanding of crisis by returning to him seminal contribution in the theory of the effective demand. The analysis contrasts this approach with the neoclassical orthodoxy regarding the theory of the interest rate and the relation between saving and investment. The author poses the fundamental question： Can a policy of stimulating saving promote investment？ By using the ＂Saving Paradox＂ presented in chapter sixteen, as a framework for interpreting Bernanke＇s description of the saving glut and the current account deficit of the U.S. economy, the author offers an answer that is useful for understanding the current situation. The author also shows how moral hazard plays a significant role in the current crisis.展开更多
The effects of electron correlations and spin-orbit coupling on the magnetic anisotropy in the antiferromagnetically ordered 5 d perovskite iridates Sr_2IrO_4 is investigated theoretically using a microscopic model in...The effects of electron correlations and spin-orbit coupling on the magnetic anisotropy in the antiferromagnetically ordered 5 d perovskite iridates Sr_2IrO_4 is investigated theoretically using a microscopic model includes a realistic five-orbital tight-binding Hamiltonian, atomic spin-orbit coupling, and multi-orbital Hubbard interactions. Hartree-Fock approximation is applied to obtain the ground state properties with varying spin-orbit coupling and electron correlations.We demonstrate that the interplay between the atomic intraorbital Coulomb repulsion and the Hund's rule coupling leads to a remarkable variability of the resulting magnetic anisotropy at a constant nonzero spin-orbit coupling. At the same time, the preferred direction of the ordered antiferromagnetical moment remains unaltered upon changes in the strength of spin-orbit coupling.展开更多
文摘The present paper offers an opportunity to explore Keynes＇ contribution to our understanding of crisis by returning to him seminal contribution in the theory of the effective demand. The analysis contrasts this approach with the neoclassical orthodoxy regarding the theory of the interest rate and the relation between saving and investment. The author poses the fundamental question： Can a policy of stimulating saving promote investment？ By using the ＂Saving Paradox＂ presented in chapter sixteen, as a framework for interpreting Bernanke＇s description of the saving glut and the current account deficit of the U.S. economy, the author offers an answer that is useful for understanding the current situation. The author also shows how moral hazard plays a significant role in the current crisis.
基金Supported by the Key Research Program of Frontier Sciences,Chinese Academy of Sciences under Grant No.QYZDB-SSW-SYS012National Natural Science Foundation of China(Project 11747601)Numerical Calculations were Performed on the HPC Cluster of ITP-CAS
文摘The effects of electron correlations and spin-orbit coupling on the magnetic anisotropy in the antiferromagnetically ordered 5 d perovskite iridates Sr_2IrO_4 is investigated theoretically using a microscopic model includes a realistic five-orbital tight-binding Hamiltonian, atomic spin-orbit coupling, and multi-orbital Hubbard interactions. Hartree-Fock approximation is applied to obtain the ground state properties with varying spin-orbit coupling and electron correlations.We demonstrate that the interplay between the atomic intraorbital Coulomb repulsion and the Hund's rule coupling leads to a remarkable variability of the resulting magnetic anisotropy at a constant nonzero spin-orbit coupling. At the same time, the preferred direction of the ordered antiferromagnetical moment remains unaltered upon changes in the strength of spin-orbit coupling.
