Selective adsorption of large organic molecules is controlled by switchable azobenzene‐based molecules. The azobenzene molecules change their configuration after irradiation with light of 365 nm from the trans to the cis isomer. The light‐induced process occurs in the pore‐system of the mesoporous silica SBA‐15. A new synthetic route is presented allowing a distinct control of the density of functionalization on the inner pore walls of SBA‐15. This control may lead to more possible applications of the functionalized mesoporous silica material. Herein we show that the behavior of the silica matrix depends on the density of functionalization. The density of the azobenzene functionalization in SBA‐15 enables the selective up‐take of different dye molecules. Not only the density is responsible for the selective up‐take but also the configuration (cis or trans) of the azobenzene units in the pores. Furthermore dependences concerning the release of the embedded dye molecules are observed.

This paper examines whether the existence and the timing of real balance effects contribute to the determination of the absolute price level, as suggested by Patinkin (1949Patinkin ( ,1965, and if they affect conditions for local equilibrium uniqueness and stability. I show that there exists a unique price level sequence that is consistent with an equilibrium under interest rate policy, only if beginning-ofperiod money yields transaction services. Predetermined real money balances can then serve as a state variable, implying that interest rate setting must be passivea violation of the Taylor-principle -for unique, stable, and non-oscillatory equilibrium sequences. On the contrary, when the end-of-period money stock facilitates transactions, the equilibrium displays nominal indeterminacy and equilibrium uniqueness requires an interest rate setting consistent with the Taylor-principle.JEL classification: E32, E41, E52.

Uncertainty about the appropriate choice among nested models is a concern for optimal policy when policy prescriptions from those models differ. The standard procedure is to specify a prior over the parameter space, ignoring the special status of submodels (e.g., those resulting from zero restrictions). Following Sims (, Journal of Economic Dynamics and Control 32, 2460–2475), we treat nested submodels as probability models, and we formalize a procedure that ensures that submodels are not discarded too easily and do matter for optimal policy. For the United States, we find that optimal policy based on our procedure leads to substantial welfare gains compared to the standard procedure.

According to the conventional view on efficient risk sharing (Hirshleifer, 1971), better information on future idiosyncratic income realizations harms risk sharing by evaporating insurance opportunities ex-ante. In our model, risk-averse agents receive public and private signals on future income realizations and engage in insurance contracts with limited enforceability. When considered separately, better public and private signals are detrimental to welfare. In contrast to the conventional view, we show that when private information is sufficiently precise, more informative public signals can improve the allocation of risk. First, more informative public signals increase the riskiness of the consumption allocation, deteriorating risk sharing. Second, however, more informative public signals mitigate the welfare costs of private information and improve risk sharing. When private signals are sufficiently precise, the positive effect of better public information dominates the negative effect. The positive effect of public information can be quantitatively important in international risk sharing.