Does mixed frequency vector error correction model add relevant information to exchange misalignment calculus? Evidence for United States

Real exchange rate is an important macroeconomic price in the economy and a ects economic activity, interest rates, domestic prices, trade and investiments ows among other variables. Methodologies have been developed in empirical exchange rate misalignment studies to evaluate whether a real e ective exchange is overvalued or undervalued. There is a vast body of literature on the determinants of long-term real exchange rates and on empirical strategies to implement the equilibrium norms obtained from theoretical models. This study seeks to contribute to this literature by showing that it is possible to calculate the misalignment from a mixed ointegrated vector error correction framework. An empirical exercise using United States' real exchange rate data is performed. The results suggest that the model with mixed frequency data is preferred to the models with same frequency variables

A Weak Maximum Principle for Optimal Control Problems with Nonsmooth Mixed Constraints

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Regge calculus in teleparallel gravity

In the context of the teleparallel equivalent of general relativity, the Weitzenbock manifold is considered as the limit of a suitable sequence of discrete lattices composed of an increasing number of smaller and smaller simplices, where the interior of each simplex (Delaunay lattice) is assumed to be flat. The link lengths l between any pair of vertices serve as independent variables, so that torsion turns out to be localized in the two-dimensional hypersurfaces (dislocation triangle, or hinge) of the lattice. Assuming that a vector undergoes a dislocation in relation to its initial position as it is parallel transported along the perimeter of the dual lattice (Voronoi polygon), we obtain the discrete analogue of the teleparallel action, as well as the corresponding simplicial vacuum field equations.

A note on the controllability for the wave equation in nonsmooth plane domains

We study exact boundary controllability for a two-dimensional wave equation in a region which is an angular sector of a circle or an angular sector of an annular region. The control, of Neumann type, acts on the curved part of the boundary, while in the straight part we impose homogeneous Dirichlet boundary condition. The initial state has finite energy and the control is square integrable. (c) 2005 Elsevier B.V. All rights reserved.

Nonsmooth continuous-time optimization problems: Necessary conditions

We consider Lipschitz continuous-time nonlinear optimization problems and provide first-order necessary optimality conditions of both Fritz John and Karush-Kuhn-Tucker types. (C) 2001 Elsevier B.V. Ltd. All rights reserved.

Nonsmooth continuous-time optimization problems: Sufficient conditions

We discuss sufficient conditions of optimality for nonsmooth continuous-time nonlinear optimization problems under generalized convexity assumptions. These include both first-order and second-order criteria. (C) 1998 Academic Press.

Study of Singularities in Nonsmooth Dynamical Systems via Singular Perturbation

In this article we describe some qualitative and geometric aspects of nonsmooth dynamical systems theory around typical singularities. We also establish an interaction between nonsmooth systems and geometric singular perturbation theory. Such systems are represented by discontinuous vector fields on R(l), l >= 2, where their discontinuity set is a codimension one algebraic variety. By means of a regularization process proceeded by a blow-up technique we are able to bring about some results that bridge the space between discontinuous systems and singularly perturbed smooth systems. We also present an analysis of a subclass of discontinuous vector fields that present transient behavior in the 2-dimensional case, and we dedicate a section to providing sufficient conditions in order for our systems to have local asymptotic stability.

Optimality conditions for pareto nonsmooth nonconvex programming in banach spaces

In this paper, we consider a vector optimization problem where all functions involved are defined on Banach spaces. We obtain necessary and sufficient criteria for optimality in the form of Karush-Kuhn-Tucker conditions. We also introduce a nonsmooth dual problem and provide duality theorems.