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Consumers purchase energy in many forms. Sometimes energy goods are consumed directly, for instance, in the form of gasoline used to operate a vehicle, electricity to light a home, or natural gas to heat a home. At other times, the cost of energy is embodied in the prices of goods and services that consumers buy, say when purchasing an airline ticket or when buying online garden furniture made from plastic to be delivered by mail. Previous research has focused on quantifying the pass-through of the price of crude oil or the price of motor gasoline to U.S. inflation. Neither approach accounts for the fact that percent changes in refined product prices need not be proportionate to the percent change in the price of oil, that not all energy is derived from oil, and that the correlation of price shocks across energy markets is far from one. This paper develops a vector autoregressive model that quantifies the joint impact of shocks to several energy prices on headline and core CPI inflation. Our analysis confirms that focusing on gasoline price shocks alone will underestimate the inflationary pressures emanating from the energy sector, but not enough to overturn the conclusion that much of the observed increase in headline inflation in 2021 and 2022 reflected non-energy price shocks.
We have identified a mistake in how Fig. 1 is referenced in the text of the article Eur. Phys. J. C 77 (2017) no. 8, 569 which affected three paragraphs of the results section. The corrected three paragraphs as well as the unmodified accompanying figure are reproduced in this document with the correct labeling.
In addition, an editing issue led to a missing acknowledgements section. The missing section is reproduced at the end of this document in the manner in which it should have appeared in the published article.
The production of Z0 bosons at large rapidities in Pb–Pb collisions at √sNN = 5.02 TeV is reported. Z0 candidates are reconstructed in the dimuon decay channel (Z0 → μ+ μ−), based on muons selected with pseudo-rapidity −4.0 < η < −2.5 and pT > 20 GeV/c. The invariant yield and the nuclear modification factor, RAA, are presented as a function of rapidity and collision centrality. The value of RAA for the 0–20% central Pb–Pb collisions is 0.67 ± 0.11 (stat.) ± 0.03 (syst.) ± 0.06 (corr. syst.), exhibiting a deviation of 2.6σ from unity. The results are well-described by calculations that include nuclear modifications of the parton distribution functions, while the predictions using vacuum PDFs deviate from data by 2.3σ in the 0–90% centrality class and by 3σ in the 0–20% central collisions.
The transverse momentum distributions of the strange and double-strange hyperon resonances (Σ(1385)±, Ξ(1530)0) produced in p–Pb collisions at sNN−−−√=5.02 TeV were measured in the rapidity range −0.5<yCMS<0 for event classes corresponding to different charged-particle multiplicity densities, ⟨dNch/dηlab⟩. The mean transverse momentum values are presented as a function of ⟨dNch/dηlab⟩, as well as a function of the particle masses and compared with previous results on hyperon production. The integrated yield ratios of excited to ground-state hyperons are constant as a function of ⟨dNch/dηlab⟩. The equivalent ratios to pions exhibit an increase with ⟨dNch/dηlab⟩, depending on their strangeness content.
It is commonly believed that the response of the price of corn ethanol (and hence of the price of corn) to shifts in biofuel policies operates in part through market expectations and shifts in storage demand, yet to date it has proved difficult to measure these expectations and to empirically evaluate this view. We utilize a recently proposed methodology to estimate the market’s expectations of the prices of ethanol, unfinished motor gasoline and crude oil at horizons from three months to one year. We quantify the extent to which price changes were anticipated by the market, the extent to which they were unanticipated, and how the risk premium in these markets has evolved. We show that the Renewable Fuel Standard (RFS) is likely to have increased ethanol price expectations by as much $1.45 in the year before and in the year after the implementation of the RFS had started. Our analysis of the term structure of expectations provides support for the view that a shift in ethanol storage demand starting in 2005 caused an increase in the price of ethanol. There is no conclusive evidence that the tightening of the RFS in 2008 shifted market expectations, but our analysis suggests that policy uncertainty about how to deal with the blend wall raised the risk premium in the ethanol futures market in mid-2013 by as much as 50 cents at longer horizons. Finally, we present evidence against a tight link from ethanol price expectations to corn price expectations and hence to storage demand for corn in 2005-06.
A common practice in empirical macroeconomics is to examine alternative recursive orderings of the variables in structural vector autogressive (VAR) models. When the implied impulse responses look similar, the estimates are considered trustworthy. When they do not, the estimates are used to bound the true response without directly addressing the identification challenge. A leading example of this practice is the literature on the effects of uncertainty shocks on economic activity. We prove by counterexample that this practice is invalid in general, whether the data generating process is a structural VAR model or a dynamic stochastic general equilibrium model.
The multi-strange baryon yields in Pb--Pb collisions have been shown to exhibit an enhancement relative to pp reactions. In this work, Ξ and Ω production rates have been measured with the ALICE experiment as a function of transverse momentum, pT, in p-Pb collisions at a centre-of-mass energy of sNN−−−√ = 5.02 TeV. The results cover the kinematic ranges 0.6 GeV/c<pT<7.2 GeV/c and 0.8 GeV/c<pT< 5 GeV/c, for Ξ and Ω respectively, in the common rapidity interval -0.5 <yCMS< 0. Multi-strange baryons have been identified by reconstructing their weak decays into charged particles. The pT spectra are analysed as a function of event charged-particle multiplicity, which in p-Pb collisions ranges over one order of magnitude and lies between those observed in pp and Pb-Pb collisions. The measured pT distributions are compared to the expectations from a Blast-Wave model. The parameters which describe the production of lighter hadron species also describe the hyperon spectra in high multiplicity p-Pb. The yield of hyperons relative to charged pions is studied and compared with results from pp and Pb-Pb collisions. A statistical model is employed, which describes the change in the ratios with volume using a canonical suppression mechanism, in which the small volume causes a species-dependent relative reduction of hadron production. The calculations, in which the magnitude of the effect depends on the strangeness content, show good qualitative agreement with the data.
Particle identification is an important feature of the ALICE detector at the LHC. In particular, for particle identification via the time-of-flight technique, the precise determination of the event collision time represents an important ingredient of the quality of the measurement. In this paper, the different methods used for such a measurement in ALICE by means of the T0 and the TOF detectors are reviewed. Efficiencies, resolution and the improvement of the particle identification separation power of the methods used are presented for the different LHC colliding systems (pp , p-Pb and Pb-Pb) during the first period of data taking of LHC (Run 1).
Background: In the context of the investigation of the quark gluon plasma produced in heavy-ion collisions, hadrons containing heavy (charm or beauty) quarks play a special role for the characterization of the hot and dense medium created in the interaction. The measurement of the production of charm and beauty hadrons in proton–proton collisions, besides providing the necessary reference for the studies in heavy-ion reactions, constitutes an important test of perturbative quantum chromodynamics (pQCD) calculations. Heavy-flavor production in proton–nucleus collisions is sensitive to the various effects related to the presence of nuclei in the colliding system, commonly denoted cold-nuclear-matter effects. Most of these effects are expected to modify open-charm production at low transverse momenta (pT) and, so far, no measurement of D-meson production down to zero transverse momentum was available at mid-rapidity at the energies attained at the CERN Large Hadron Collider (LHC).
Purpose: The measurements of the production cross sections of promptly produced charmed mesons in p-Pb collisions at the LHC down to pT=0 and the comparison to the results from pp interactions are aimed at the assessment of cold-nuclear-matter effects on open-charm production, which is crucial for the interpretation of the results from Pb-Pb collisions.
Methods: The prompt charmed mesons D0,D+,D*+, and D+s were measured at mid-rapidity in p-Pb collisions at a center-of-mass energy per nucleon pair √sNN=5.02 TeV with the ALICE detector at the LHC. D mesons were reconstructed from their decays D0→K−π+,D+→K−π+π+, D*+→D0π+,D+s→ϕπ+→K−K+π+, and their charge conjugates, using an analysis method based on the selection of decay topologies displaced from the interaction vertex. In addition, the prompt D0 production cross section was measured in pp collisions at √s=7 TeV and p-Pb collisions at √sNN=5.02 TeV down to pT=0 using an analysis technique that is based on the estimation and subtraction of the combinatorial background, without reconstruction of the D0 decay vertex.
Results: The production cross section in pp collisions is described within uncertainties by different implementations of pQCD calculations down to pT=0. This allowed also a determination of the total c¯c production cross section in pp collisions, which is more precise than previous ALICE measurements because it is not affected by uncertainties owing to the extrapolation to pT=0. The nuclear modification factor RpPb(pT), defined as the ratio of the pT-differential D meson cross section in p-Pb collisions and that in pp collisions scaled by the mass number of the Pb nucleus, was calculated for the four D-meson species and found to be compatible with unity within uncertainties. The results are compared to theoretical calculations that include cold-nuclear-matter effects and to transport model calculations incorporating the interactions of charm quarks with an expanding deconfined medium.
Conclusions: These measurements add experimental evidence that the modification of the D-meson transverse momentum distributions observed in Pb–Pb collisions with respect to pp interactions is due to strong final-state effects induced by the interactions of the charm quarks with the hot and dense partonic medium created in ultrarelativistic heavy-ion collisions. The current precision of the measurement does not allow us to draw conclusions on the role of the different cold-nuclear-matter effects and on the possible presence of additional hot-medium effects in p-Pb collisions. However, the analysis technique without decay-vertex reconstruction, applied on future larger data samples, should provide access to the physics-rich range down to pT=0.