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Contemporary monetary institutions are flawed at a foundational level. The reigning paradigm in monetary policy holds up constrained discretion as the preferred operating framework for central banks. But no matter how smart or well-intentioned are central bankers, discretionary policy contains information and incentive problems that make macroeconomic stability systematically unlikely. Furthermore, central bank discretion implicitly violates the basic jurisprudential norms of liberal democracy. Drawing on a wide body of scholarship, this volume presents a novel argument in favor of embedding monetary institutions into a rule of law framework. The authors argue for general, predictable rules to provide a sturdier foundation for economic growth and prosperity. A rule of law approach to monetary policy would remedy the flaws that resulted in misguided monetary responses to the 2007-8 financial crisis and the COVID-19 pandemic. Understanding the case for true monetary rules is the first step toward creating more stable monetary institutions.
Since Aristotle, the concept of the magnanimous or great-souled man was employed by philosophers of antiquity to describe individuals who attained the highest degree of virtue. Greatness of soul (magnitudo animi or magnanimitas) was part of the language of Classical and Hellenistic virtue theory central to the education of Ambrose and Augustine. Yet as bishops they were conscious of fundamental differences between Christian and pagan visions of virtue. Greatness of soul could not be appropriated whole cloth. Instead, the great-souled man had to be baptized to conform with Christian understandings of righteousness, compassion, and humility. In this book, J. Warren Smith traces the development of the ideal of the great-souled man from Plato and Aristotle to latter adaptions by Cicero, Seneca, and Plutarch. He then examines how Ambrose's and Augustine's theological commitments influenced their different critiques, appropriations, and modifications of the language of magnanimity.
We study the deformation and dewetting of liquid films under impinging gas jets using experimental, analytical and numerical techniques. We first derive a reduced-order model (a thin-film equation) based on the long-wave assumption and on appropriate decoupling of the gas problem from that for the liquid. The model not only provides insight into relevant flow regimes, but is also used in conjunction with experimental data to guide more computationally prohibitive direct numerical simulations of the full governing equations. A unique feature of our modelling solution is the use of an efficient iterative procedure in order to update the interfacial deformation based on stresses originating from computational data. We show that both gas normal and tangential stresses are equally important for achieving accurate predictions. The interplay between these techniques allows us to study previously unreported flow features. These include finite-size effects of the host geometry, with consequences for flow and vortex formation inside the liquid, as well as the specific individual contributions from the non-trivial gas flow components on interfacial deformation. Dewetting phenomena are found to depend on either a dominant gas flow or contact line motion, with the observed behaviour (including healing effects) being explained using a bifurcation diagram of steady-state solutions in the absence of the gas flow.
Basal melt of ice shelves is not only an important part of Antarctica's ice sheet mass budget, but it is also the origin of platelet ice, one of the most distinctive types of sea ice. In many coastal Antarctic regions, ice crystals form and grow in supercooled plumes of Ice Shelf Water. They usually rise towards the surface, becoming trapped under an ice shelf as marine ice or forming a semi-consolidated layer, known as the sub-ice platelet layer, below an overlying sea ice cover. In the latter, sea ice growth consolidates loose crystals to form incorporated platelet ice. These phenomena have numerous and profound impacts on the physical properties, biological processes and biogeochemical cycles associated with Antarctic fast ice: platelet ice contributes to sea ice mass balance and may indicate the extent of ice-shelf basal melting. It can also host a highly productive and uniquely adapted ecosystem. This paper clarifies the terminology and reviews platelet ice formation, observational methods as well as the geographical and seasonal occurrence of this ice type. The physical properties and ecological implications are presented in a way understandable for physicists and biologists alike, thereby providing the background for much needed interdisciplinary research on this topic.
A study of low-speed streaks (LSSs) embedded in the near-wall region of a turbulent boundary layer is performed using selective visualization and analysis of time-resolved tomographic particle image velocimetry (tomo-PIV). First, a three-dimensional velocity field database is acquired using time-resolved tomo-PIV for an early turbulent boundary layer. Second, detailed time-line flow patterns are obtained from the low-order reconstructed database using ‘tomographic visualizations’ by Lagrangian tracking. These time-line patterns compare remarkably well with previously observed patterns using hydrogen bubble flow visualization, and allow local identification of LSSs within the database. Third, the flow behaviour in proximity to selected LSSs is examined at varying wall distances (
$10 < y^+ < 100$
) and assessed using time-line and material surface evolution, to reveal the flow structure and evolution of a streak, and the flow structure evolving from streak development. It is observed that three-dimensional wave behaviour of the detected LSSs appears to develop into associated near-wall vortex flow structures, in a process somewhat similar to transitional boundary layer behaviour. Fourth, the presence of Lagrangian coherent structures is assessed in proximity to the LSSs using a Lagrangian-averaged vorticity deviation process. It is observed that quasi-streamwise vortices, adjacent to the sides of the streak-associated three-dimensional wave, precipitate an interaction with the streak. Finally, a hypothesis based on the behaviour of soliton-like coherent structures is made which explains the process of LSS formation, bursting behaviour and the generation of hairpin vortices. Comparison with other models is also discussed.