Inflation Targeting Under Asymmetric Preferences

This paper develops and estimates a game-theoretical model of inflation targeting where the central banker's preferences are asymmetric around the targeted rate. In particular, positive deviations from the target can be weighted more, or less, severely than negative ones in the central banker's loss function. It is shown that some of the previous results derived under the assumption of symmetry are not robust to the generalization of preferences. Estimates of the central banker's preference parameters for Canada, Sweden, and the United Kingdom are statistically different from the ones implied by the commonly used quadratic loss function. Econometric results are robust to different forecasting models for the rate of unemployment but not to the use of measures of inflation broader than the one targeted.

Asymmetric Smiles, Leverage Effects and Structural Parameters.

In this paper, we characterize the asymmetries of the smile through multiple leverage effects in a stochastic dynamic asset pricing framework. The dependence between price movements and future volatility is introduced through a set of latent state variables. These latent variables can capture not only the volatility risk and the interest rate risk which potentially affect option prices, but also any kind of correlation risk and jump risk. The standard financial leverage effect is produced by a cross-correlation effect between the state variables which enter into the stochastic volatility process of the stock price and the stock price process itself. However, we provide a more general framework where asymmetric implied volatility curves result from any source of instantaneous correlation between the state variables and either the return on the stock or the stochastic discount factor. In order to draw the shapes of the implied volatility curves generated by a model with latent variables, we specify an equilibrium-based stochastic discount factor with time non-separable preferences. When we calibrate this model to empirically reasonable values of the parameters, we are able to reproduce the various types of implied volatility curves inferred from option market data.

Exact Multivariate Tests of Asset Pricing Models with Stable Asymmetric Distributions

In this paper, we propose exact inference procedures for asset pricing models that can be formulated in the framework of a multivariate linear regression (CAPM), allowing for stable error distributions. The normality assumption on the distribution of stock returns is usually rejected in empirical studies, due to excess kurtosis and asymmetry. To model such data, we propose a comprehensive statistical approach which allows for alternative - possibly asymmetric - heavy tailed distributions without the use of large-sample approximations. The methods suggested are based on Monte Carlo test techniques. Goodness-of-fit tests are formally incorporated to ensure that the error distributions considered are empirically sustainable, from which exact confidence sets for the unknown tail area and asymmetry parameters of the stable error distribution are derived. Tests for the efficiency of the market portfolio (zero intercepts) which explicitly allow for the presence of (unknown) nuisance parameter in the stable error distribution are derived. The methods proposed are applied to monthly returns on 12 portfolios of the New York Stock Exchange over the period 1926-1995 (5 year subperiods). We find that stable possibly skewed distributions provide statistically significant improvement in goodness-of-fit and lead to fewer rejections of the efficiency hypothesis.

Catalytic copolymerization of ethylene with various olefins in solution and in emulsion

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Asymmetric cell division intersects with cell geometry : a method to extrapolate and quantify geometrical parameters of sensory organ precursors

La division cellulaire asymétrique (DCA) consiste en une division pendant laquelle des déterminants cellulaires sont distribués préférentiellement dans une des deux cellules filles. Par l’action de ces déterminants, la DCA générera donc deux cellules filles différentes. Ainsi, la DCA est importante pour générer la diversité cellulaire et pour maintenir l’homéostasie de certaines cellules souches. Pour induire une répartition asymétrique des déterminants cellulaires, le positionnement du fuseau mitotique doit être très bien contrôlé. Fréquemment ceci génère deux cellules filles de tailles différentes, car le fuseau mitotique n’est pas centré pendant la mitose, ce qui induit un positionnement asymétrique du sillon de clivage. Bien qu’un complexe impliquant des GTPases hétérotrimériques et des protéines liant les microtubules au cortex ait été impliqué directement dans le positionnement du fuseau mitotique, le mécanisme exact induisant le positionnement asymétrique du fuseau durant la DCA n'est pas encore compris. Des études récentes suggèrent qu’une régulation asymétrique du cytosquelette d’actine pourrait être responsable de ce positionnement asymétrique du faisceau mitotique. Donc, nous émettons l'hypothèse que des contractions asymétriques d’actine pendant la division cellulaire pourraient déplacer le fuseau mitotique et le sillon de clivage pour créer une asymétrie cellulaire. Nos résultats préliminaires ont démontré que le blebbing cortical, qui est une indication de tension corticale et de contraction, se produit préférentiellement dans la moitié antérieure de cellule précurseur d’organes sensoriels (SOP) pendant le stage de télophase. Nos données soutiennent l'idée que les petites GTPases de la famille Rho pourraient être impliqués dans la régulation du fuseau mitotique et ainsi contrôler la DCA des SOP. Les paramètres expérimentaux développés pour cette thèse, pour étudier la régulation de l’orientation et le positionnement du fuseau mitotique, ouvrirons de nouvelles avenues pour contrôler ce processus, ce qui pourrait être utile pour freiner la progression de cellules cancéreuses. Les résultats préliminaires de ce projet proposeront une manière dont les petites GTPases de la famille Rho peuvent être impliqués dans le contrôle de la division cellulaire asymétrique in vivo dans les SOP. Les modèles théoriques qui sont expliqués dans cette étude pourront servir à améliorer les méthodes quantitatives de biologie cellulaire de la DCA.

Compact asymmetric coplanar waveguide filter

The design and implementation of a novel asymmetric coplanar waveguide (ACPW ) band rejection filter using defected ground structure ( DGS) is presented . The proposed ACPW DGS technology provides band gap characteristics with only one cell in the lateral ground plane . The equivalent circuit model of the proposed DGS unit section is described . Measurements of ACPW DGS showed good agreement with simulation and the proposed model

A Wideband Rectangular Microstrip Antenna Using an Asymmetric t-shaped Feed

An electromagnetically coupled T-shaped microstrip feed used to enhance the impedance bandwidth of a rectangular microstrip antenna is reported. The proposed antenna offers a 2:1 VSWR bandwidth of -36% with an increase in gain of 0.8 dB

DESIGN AND DEVELOPMENT OF COMPACT ASYMMETRIC COPLANAR STRIP FED ANTENNAS

Antennas are indispensable component of any wireless communication device. An antenna is a transducer between the transmitter and the free space waves and vice versa. They efficiently transfer electromagnetic energy from a transmission line into free space. But the present day communication applications require compact and ultra wide band designs which cannot be catered by simple microstrip based designs. PIFAs have solved the problem to some extend, but the field of antennas needs more innovative designs In this thesis the design and development of compact planner antenna are presented. Emphasis is given to the design of the feed as well as the radiator resulting in simple compact uniplanar geometries. The Asymmetric coplanar feed used to excite the antennas is found to be a suitable choice for feeding compact antennas.The main objectives of the study are the design of compact single, dual and multi band antennas with uniplanar structure and extension of the design for practical GSM/WLAN applications and Ultra compact antennas using the above techniques and extension of the design to antennas for practical applications like RFID/DVB-H. All the above objectives are thoroughly studied. Antennas with ultra compact dimensions are obtained as a result of the study. Simple equations are provided to design antennas with the required characteristics. The design equations are verified by designing different antennas for different applications.

Compact asymmetric coplanar strip-fed antenna for wideband applications

An asymmetric coplanar strip-fed uniplanar antenna for wideband applications is presented. The resulting antenna offers a 2:1 VSWR bandwidth greater than 100% from 1.58 to 5.48 GHz covering the DCS/PCS/IEEE 802.11a/WiMAX bands. The antenna has an overall dimension of 44 × 35 mm2 when printed on a substrate of dielectric constant 4.4 and height 1.6 mm. The design equation is also presented in this article. The antenna exhibits good radiation characteristics and moderate gain in the entire operating band.

Vacancy-assisted domain-growth in asymmetric binary alloys: A Monte Carlo Study

A Monte Carlo simulation study of the vacancy-assisted domain growth in asymmetric binary alloys is presented. The system is modeled using a three-state ABV Hamiltonian which includes an asymmetry term. Our simulated system is a stoichiometric two-dimensional binary alloy with a single vacancy which evolves according to the vacancy-atom exchange mechanism. We obtain that, compared to the symmetric case, the ordering process slows down dramatically. Concerning the asymptotic behavior it is algebraic and characterized by the Allen-Cahn growth exponent x51/2. The late stages of the evolution are preceded by a transient regime strongly affected by both the temperature and the degree of asymmetry of the alloy. The results are discussed and compared to those obtained for the symmetric case.

Asymmetric giant magnetoresistance in Co10Cu90 magnetic granular alloys

We have observed a type of giant magnetoresistance (GMR) in magnetic granular Co10Cu90 alloys. The asymmetric GMR depends strongly on the size of magnetic Co particles, which exhibit superparamagnetic behavior at given measured temperature. The asymmetric GMR points to a metastable state that develops when the sample is field-cooled, which is lost after recycling. We propose that high-field cooling produces more effective parallel alignment of small unblocked Co particle moments and interfacial magnetizations, which contributes to the further decrease of the resistance in comparison with the samples zero-field-cooled, and then applied to the same field.