Explaining the Transition Between Exchange Rate Regimes

This paper studies the transition between exchange rate regimes using a Markov chain model with time-varying transition probabilities. The probabilities are parameterized as nonlinear functions of variables suggested by the currency crisis and optimal currency area literature. Results using annual data indicate that inflation, and to a lesser extent, output growth and trade openness help explain the exchange rate regime transition dynamics.

Les répercussions du plan Marshall sur les comportements économiques du Canada durant la période de l'après-guerre

La période de l’après-guerre posa d’importants défis commerciaux à l’économie canadienne. Les années entre 1945 et 1950 furent effectivement marquées par la rupture de son système commercial traditionnel et la recherche d’une stratégie alternative. Le pays dut composer avec un déficit commercial croissant à l’égard des États-Unis, ainsi qu’une chute de ses exportations à destination du Royaume-Uni, ruiné par les années de guerre. Ce déséquilibre commercial qui menaçait d’épuiser les réserves canadiennes de dollars américains reflétait l’écart entre les capacités productives des deux rives de l’Atlantique. Le programme de reconstruction des économies européennes, ou plan Marshall, fut accueilli avec enthousiasme à Ottawa puisqu’il devait non seulement rétablir les marchés du Vieux Continent, mais également faciliter la mise en place d’un réseau multilatéral d’échanges et la libéralisation du commerce international. Les tensions de la guerre froide limitèrent toutefois l’ouverture de ces marchés aux marchandises canadiennes, puisque l’endiguement du communisme commanda une consolidation européenne qui privilégia le démantèlement des entraves aux échanges intra-européens, aux dépens du commerce transatlantique. Les préoccupations de Washington en matière de sécurité collective devaient néanmoins laisser place à une stratégie alternative pour le Canada, en poussant la coopération économique des deux pays, dans le but d’optimiser une production de défense destinée aux pays membres de l’OTAN, dont la demande était soutenue par l’aide Marshall. L’incorporation du Canada dans ce dispositif de défense élargie à la communauté atlantique permit ainsi d’assurer un accès privilégié à ses marchandises sur le marché américain, et par conséquent de progresser vers l’équilibre commercial.

Regional integration and the issue of choosing an appropriate exchange-rate regime in Latin America

Includes bibliography

Regional integration in Latin America and dynamic gains from macroeconomic cooperation

Includes bibliography

The fiscal compact - Europe's "hard core" based on German economic conditions. OSW Commentary No. 71, 2012-03-07

On 2 March, the leaders of 25 EU member states signed the Treaty on stability, coordination and governance in the economic and monetary union. It will introduce new fiscal constraints and officially vest new competences in the eurozone countries. Thus, their right to coordinate economic policy among them will be sanctioned. So far, the Lisbon Treaty has only provided for organisation of informal Eurogroup meetings, to be attended by representatives of the European Commission. The principles introduced by the compact, if the eurozone countries are really determined to observe its provisions, will create a new way of managing the single currency. Within the next few years, the most indebted countries will have to carry out radical reforms to boost their competitiveness and adjust it to German standards. During this period the Federal Republic of Germany will most probably decide to offer higher loan guarantees to relieve these countries’ budgets. The compact’s political consequences are also of great significance, especially considering how the treaty was finalised. The eurozone states have in fact accepted that the direction for changes will be devised by France and Germany, and the role of European institutions such as the Commission or the Parliament may weaken. From the perspective of eurozone candidate countries, the introduction of the fiscal compact means expanding the scope of conditions they must meet to become members of the single currency area. In the future, a country, in order to adopt the single currency, will have to meet the structural deficit criterion, and also most probably carry out economic reforms such as unifying its fiscal system. These goals will be achieved across the eurozone gradually, in the subsequent stages of the economic governance reform.

One money with several cycles? Evaluation of European business cycles using cluster analysis. ACES Cases No. 2009.3

Optimal currency area theory suggests that business cycle comovement is a sufficient condition for monetary union, particularly if there are low levels of labour mobility between potential members of the monetary union. Previous studies of co-movement of business cycle variables (mainly authored by Artis and Zhang in the late 1990s) found that there was a core of member states in the EU that could be grouped together as having similar business cycle comovements, but these studies always used Germany as the country against which to compare. In this study, the analysis of Artis and Zhang is extended and updated but correlating against both German and euro area macroeconomic aggregates and using more recent techniques in cluster analysis, namely model-based clustering techniques.

Flexibility versus Stability: A difficult trade-off in the eurozone. CEPS Working Document No. 422, 29 April 2016

Optimal currency area (OCA) theory has been influential in pushing eurozone countries towards structural reforms to make product and labour markets more flexible. The underlying assumption of the OCA prescription for structural reform is that asymmetric shocks are permanent. However, when shocks are temporary it does not follow that more flexibility is the answer. When shocks are the result of business-cycle movements, the way to deal with them is by stabilisation efforts. This paper provides empirical evidence that suggests that the biggest shocks in the eurozone were the result of business-cycle movements. These were relatively well synchronised, except for their amplitude. We argue that efforts to stabilise business cycles should be strengthened relative to the efforts that have been made to impose structural reforms, with consideration given to the implications for the governance of the eurozone.

Is there a time-transgressive Holocene optimum in the East Asian monsoon area?

IEECAS SKLLQG

Nanoporous Pt with High Surface Area by Reaction-Limited Aggregation of Nanoparticles

Nanoporous structures with high active surface areas are critical for a variety of applications. Here, we present a general templateless strategy to produce such porous structures by controlled aggregation of nanostructured subunits and apply the principles for synthesizing nanoporous Pt for electrocatalytic oxidation of methanol. The nature of the aggregate produced is controlled by tuning the electrostatic interaction between surfactant-free nanoparticles in the solution phase. When the repulsive force between the particles is very large, the particles are stabilized in the solution while instantaneous aggregation leading to fractal-like structures results when the repulsive force is very low. Controlling the repulsive interaction to an optimum, intermediate value results in the formation of compact structures with very large surface areas. In the case of Pt, nanoporous clusters with an extremely high specific surface area (39 m(2)/g) and high activity for methanol oxidation have been produced. Preliminary investigations indicate that the method is general and can be easily extended to produce nanoporous structures of many inorganic materials.

Optimum choice of wavelengths in the anomalous scattering technique with synchrotron radiation

A formula has been derived for the mean-square error in the phases of crystal reflections determined through the multiwavelength anomalous scattering method.The error is written in terms of a simple function of the positions in the complex plane of the 'centres' corresponding to the different wavelengths. For the case of three centres, the mean-square error is inversely proportional to the area of the triangle formed by them.

Energy efficient area monitoring using information coverage in wireless sensor networks

In this paper, we are concerned with energy efficient area monitoring using information coverage in wireless sensor networks, where collaboration among multiple sensors can enable accurate sensing of a point in a given area-to-monitor even if that point falls outside the physical coverage of all the sensors. We refer to any set of sensors that can collectively sense all points in the entire area-to-monitor as a full area information cover. We first propose a low-complexity heuristic algorithm to obtain full area information covers. Using these covers, we then obtain the optimum schedule for activating the sensing activity of various sensors that maximizes the sensing lifetime. The scheduling of sensor activity using the optimum schedules obtained using the proposed algorithm is shown to achieve significantly longer sensing lifetimes compared to those achieved using physical coverage. Relaxing the full area coverage requirement to a partial area coverage (e.g., 95% of area coverage as adequate instead of 100% area coverage) further enhances the lifetime.

Area Optimized H.264 Intra Prediction Architecture for 1080p HD Resolution

High performance video standards use prediction techniques to achieve high picture quality at low bit rates. The type of prediction decides the bit rates and the image quality. Intra Prediction achieves high video quality with significant reduction in bit rate. This paper present an area optimized architecture for Intra prediction, for H.264 decoding at HDTV resolution with a target of achieving 60 fps. The architecture was validated on Virtex-5 FPGA based platform. The architecture achieves a frame rate of 64 fps. The architecture is based on multi-level memory hierarchy to reduce latency and ensure optimum resources utilization. It removes redundancy by reusing same functional blocks across different modes. The proposed architecture uses only 13% of the total LUTs available on the Xilinx FPGA XC5VLX50T.

Recovery of copper from vanadiferrous magnetite ore of Masanikere area, Shimoga district

Studies have been carried out to recover copper from vanadiferrous magnetite ores by a novel reaction with lime in the presence of water vapour. The ore, mixed with different proportions of lime, has been roasted in the presence of steam. The roasted product is either directly leached with dilute mineral acids or subjected to magnetic separation and then leached. The effect of various parameters such as amount of lime added, temperature and duration of roasting and time of leaching on the recovery of copper has been investigated. The results indicate that over 90% copper could be recovered under optimum conditions of roasting and leaching.

An Area-Efficient Noise-Adaptive Neural Amplifier in 130 nm CMOS Technology

Chronic recording of neural signals is indispensable in designing efficient brain–machine interfaces and to elucidate human neurophysiology. The advent of multichannel micro-electrode arrays has driven the need for electronics to record neural signals from many neurons. The dynamic range of the system can vary over time due to change in electrode–neuron distance and background noise. We propose a neural amplifier in UMC 130 nm, 1P8M complementary metal–oxide–semiconductor (CMOS) technology. It can be biased adaptively from 200 nA to 2 $mu{rm A}$, modulating input referred noise from 9.92 $mu{rm V}$ to 3.9 $mu{rm V}$. We also describe a low noise design technique which minimizes the noise contribution of the load circuitry. Optimum sizing of the input transistors minimizes the accentuation of the input referred noise of the amplifier and obviates the need of large input capacitance. The amplifier achieves a noise efficiency factor of 2.58. The amplifier can pass signal from 5 Hz to 7 kHz and the bandwidth of the amplifier can be tuned for rejecting low field potentials (LFP) and power line interference. The amplifier achieves a mid-band voltage gain of 37 dB. In vitro experiments are performed to validate the applicability of the neural low noise amplifier in neural recording systems.

A Breakdown Criterion of Free Molecular Flows and an Optimum Analysis of EBPVD

Two important issues in electron beam physical vapor deposition (EBPVD) are addressed. The first issue is a validity condition of the classical cosine law widely used in the engineering context. This requires a breakdown criterion of the free molecular assumption on which the cosine law is established. Using the analytical solution of free molecular effusion flow, the number of collisions (N-c) for a particle moving from an evaporative source to a substrate is estimated that is proven inversely proportional to the local Knudsen number at the evaporation surface. N-c = 1 is adopted as a breakdown criterion of the free molecular assumption, and it is verified by experimental data and DSMC results. The second issue is how to realize the uniform distributions of thickness and component over a large-area thin film. Our analysis shows that at relatively low evaporation rates the goal is easy achieved through arranging the evaporative source positions properly and rotating the substrate.