Some notes about the determination of current account equilibrium real exchange rate and the relation between real exchange rate and productive specialization

The objective of these notes is to present a simple mathematical model of the determination of current account real exchange rate as defined by Bresser-Pereira (2010); i.e. the real exchange rate that guarantees the inter temporal equilibrium of balance of payments and to show the relation between Real Exchange rate and Productive Specialization at theoretical and empirical level.

Monetary policy, default risk and the exchange rate

In a country with high probability of default, higher interest rates may render the currency less attractive if sovereign default is costly. This paper develops that intuition in a simple model and estimates the effect of changes in interest rates on the exchange rate in Brazil using data from the dates surrounding the monetary policy committee meetings and the methodology of identification through heteroskedasticity. Indeed, we find that unexpected increases in interest rates tend to lead the Brazilian currency to depreciate. It follows that granting more independence to a central bank that focus solely on inflation is not always a free-lunch.

Statistics and kinetics of single-molecule electron transfer dynamics in complex environments: A simulation model study

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Soft CP violation in K-meson systems

We consider a model with soft CP violation which accommodates the CP violation in the neutral kaons even if we assume that the Cabibbo-Kobayashi-Maskawa mixing matrix is real and the sources of CP violation are three complex vacuum expectation values and a trilinear coupling in the scalar potential. We show that for some reasonable values of the masses and other parameters the model allows us to explain all the observed CP violation processes in the K-0-(K) over bar (0) system.

Positronium scattering by a hydrogen molecule including exchange

We perform a three-positronium (Ps) state [Ps(ls,2s,2p)] coupled-channel calculation of Ps-H-2 scattering including the effect of electron exchange. At medium energies, higher excitations and ionization of Ps are treated within the framework of the first Born approximation. In both cases exchange is included using a recently proposed nonlocal model exchange potential which is free of non-orthogonality problems common in the usual antisymmetrization scheme. The present total cross sections at low and medium energies are in encouraging agreement with experiment.

Light-front model of the kaon electromagnetic current

The kaon electromagnetic form factor is extracted from both components of the current: J(+) and J(-) with a pseudo-scalar coupling of the quarks to the meson. The pair production process does not contribute to J(+) in the Drell-Yan frame (q(+) = 0). However, the pair production process contribution is different from zero in J(-) and this contribution is necessary to keep the rotational symmetry properties of the current.

Electromagnetic structure and weak decay of pseudoscalar mesons in a light-front QCD-inspired model

We study the scaling of the S-3(1)-S-1(0) meson mass splitting and the pseudoscalar weak-decay constants with the mass of the meson, as seen in the available experimental data. We use an effective light-front QCD-inspired dynamical model regulated at short distances to describe the valence component of the pseudoscalar mesons. The experimentally known values of the mass splitting, decay constants (from global lattice-QCD averages) and the pion charge form factor up to 4 [GeV/c](2) are reasonably described by the model.

The pion electromagnetic form factor in a QCD-inspired model

We present detailed numerical results for the pion space-like electromagnetic form factor obtained within a recently proposed model of the pion electromagnetic current in a confining light-front QCD-inspired model. The model incorporates the vector meson dominance mechanism at the quark level, where the dressed photon with q(+) > 0 decays in an interacting quark-antiquark pair, which absorbs the initial pion and produces the pion in the final state.

Effect of electron exchange in positronium-hydrogen scattering

The elastic and inelastic scattering of ortho-positronium (Ps) by the hydrogen atom have been investigated using a three-Ps-state close-coupling approximation. The higher (n greater than or equal to 3) excitations and ionization of the Ps atom are treated within the framework of the Born approximation. In both cases the effect of electron exchange has been included by a parameter-free nonlocal model potential derived from an antisymmetrization of the wavefunction followed by the removal of nonorthogonality. Calculations are reported of scattering lengths,phase shifts, and of elastic, Ps excitation, and total cross sections. The trend of present target elastic total cross section agrees qualitatively with available experimental results on Ps-impact scattering.

Testing the quark cluster model in nucleon-nucleon scattering

The description of the short-range part of the nucleon-nucleon forces in terms of quark degrees of freedom is tested against experimental observables. We consider, for this purpose, a model where the short-range part of the forces is given by the quark cluster model and the long- and medium-range forces by well established meson exchanges. The investigation is performed using different quark cluster models coming from different sets of quark-quark interactions. The predictions of this model are compared not only with the phase shifts but also directly with the experimental observables. Agreement with the existing pp and np world set of data is poor. This suggests that the current description of the nucleon-nucleon interaction, at short distances, in the framework of the nonrelativistic quark models, is at present only qualitative.

gamma p and gamma gamma scattering from (p)over-bar-p, pp forward amplitudes in a QCD eikonal model with a dynamical gluon mass

We examine the gamma p photoproduction and the hadronic gamma gamma total cross sections by means of a QCD eikonal model with a dynamical infrared mass scale. In this model, where the dynamical gluon mass is the natural regulator for the tree level gluon-gluon scattering, the gamma p and gamma gamma total cross sections are derived from the pp and (p) over barp forward scattering amplitudes assuming vector meson dominance and the additive quark model. We show that the validity of the cross section factorization relation sigma(pp)/sigma(gamma p)=sigma(gamma p)/sigma(gamma gamma) is fulfilled depending on the Monte Carlo model used to unfold the hadronic gamma gamma cross section data, and we discuss in detail the case of sigma(gamma gamma -> hadrons) data with W-gamma gamma> 10 GeV unfolded by the Monte Carlo generators PYTHIA and PHOJET. The data seems to favor a mild dependence with the energy of the probability (P-had) that the photon interacts as a hadron.

Study of the (D)over-barN Interaction in a QCD Coulomb Gauge Quark Model

We study the (D) over barN interaction at low energies with a quark model inspired in the QCD Hamiltonian in Coulomb gauge. The model Hamiltonian incorporates a confining Coulomb potential extracted from a self-consistent quasiparticle method for the gluon degrees of freedom, and transverse-gluon hyperfine interaction consistent with a finite gluon propagator in the infrared. Initially a constituent-quark mass function is obtained by solving a gap equation and baryon and meson bound-states are obtained in Fock space using a variational calculation. Next, having obtained the constituent-quark masses and the hadron waves functions, an effective meson-nucleon interaction is derived from a quark-interchange mechanism. This leads to a short range meson-baryon interaction and to describe long-distance physics vector- and scalar-meson exchanges described by effective Lagrangians are incorporated. The derived effective (D) over barN potential is used in a Lippmann-Schwinger equation to obtain phase shifts. The results are compared with a recent similar calculation using the nonrelativistic quark model.

Weak decay constant of pseudoscalar mesons in a QCD-inspired model

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

ZERO SOUND-VELOCITY IN PI, RHO-MESON GASES

Sharp transitions are perhaps absent in QCD, so that one looks for physical quantities which may reflect the phase change. One such quantity is the sound velocity which was shown in lattice theory to become zero at the transition point for pure glue. We show that even in a simple bag model the sound velocity goes to zero at temperature T = T(v) not-equal 0 and that the numerical value of this T(v) depends on the nature of the meson. The average thermal energy of mesons goes linearly with T near T(v), with much smaller slope for the pion. The T(v) - s can be connected with the Boltzmann temperatures obtained from transverse momentum spectrum of these mesons in heavy-ion collision at mid-rapidity. It would be interesting to check the presence of different T(v) - s in present day finite T lattice theory.

Underlying dynamics of typical fluctuations of an emerging market price index: the Heston model from minutes to months

We investigate the Heston model with stochastic volatility and exponential tails as a model for the typical price fluctuations of the Brazilian São Paulo Stock Exchange Index (IBOVESPA). Raw prices are first corrected for inflation and a period spanning 15 years characterized by memoryless returns is chosen for the analysis. Model parameters are estimated by observing volatility scaling and correlation properties. We show that the Heston model with at least two time scales for the volatility mean reverting dynamics satisfactorily describes price fluctuations ranging from time scales larger than 20min to 160 days. At time scales shorter than 20 min we observe autocorrelated returns and power law tails incompatible with the Heston model. Despite major regulatory changes, hyperinflation and currency crises experienced by the Brazilian market in the period studied, the general success of the description provided may be regarded as an evidence for a general underlying dynamics of price fluctuations at intermediate mesoeconomic time scales well approximated by the Heston model. We also notice that the connection between the Heston model and Ehrenfest urn models could be exploited for bringing new insights into the microeconomic market mechanics. (c) 2005 Elsevier B.V. All rights reserved.