International Investment Positions and Exchange Rate Dynamics: A Dynamic Panel Analysis

In this paper we revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions. To do so, we develop a new econometric framework accounting for conditional long-run homogeneity in heterogeneous dynamic panel data models. In particular, in our model the long-run relationship between effective exchange rates and domestic as well as weighted foreign prices is a homogeneous function of a country’s international investment position. We find rather strong support for purchasing power parity in environments of limited negative net foreign asset to GDP positions, but not outside such environments. We thus argue that the purchasing power parity hypothesis holds conditionally, but not unconditionally, and that international investment positions are an essential component to characterizing this conditionality. Finally, we adduce evidence that whether deterioration of a country’s net foreign asset to GDP position leads to a depreciation of that country’s effective exchange rate depends on its rate of inflation relative to the rate of inflation abroad as well as its exposure to global shocks.Exchange Rate Determination, International Financial Integration, Dynamic Panel Data Models

International investment positions and exchange rate dynamics: a dynamic panel analysis

In this paper we revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions. To do so, we develop a new econometric framework accounting for conditional long-run homogeneity in heterogeneous dynamic panel data models. In particular, in our model the long-run relationship between effective exchange rates and domestic as well as weighted foreign prices is a homogeneous function of a country's international investment position. We find rather strong support for purchasing power parity in environments of limited negative net foreign asset to GDP positions, but not outside such environments. We thus argue that the purchasing power parity hypothesis holds conditionally, but not unconditionally, and that international investment positions are an essential component to characterizing this conditionality. Finally, we adduce evidence that whether deterioration of a country's net foreign asset to GDP position leads to a depreciation of that country's effective exchange rate depends on its rate of inflation relative to the rate of inflation abroad as well as its exposure to global shocks. --Exchange Rate Determination,International Financial Integration,Dynamic Panel Data Models

International Investment Positions and Exchange Rate Dynamics: A Dynamic Panel Analysis

In this paper we revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions. To do so, we develop a new econometric framework accounting for conditional long-run homogeneity in heterogeneous dynamic panel data models. In particular, in our model the long-run relationship between effective exchange rates and domestic as well as weighted foreign prices is a homogeneous function of a country’s international investment position. We find rather strong support for purchasing power parity in environments of limited negative net foreign asset to GDP positions, but not outside such environments. We thus argue that the purchasing power parity hypothesis holds conditionally, but not unconditionally, and that international investment positions are an essential component to characterizing this conditionality. Finally, we adduce evidence that whether deterioration of a country’s net foreign asset to GDP position leads to a depreciation of that country’s effective exchange rate depends on its rate of inflation relative to the rate of inflation abroad as well as its exposure to global shocks.exchange rate determination, international financial integration, dynamic panel data models

International investment positions and exchange rate dynamics : a dynamic panel analysis

In this paper we revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions. To do so, we develop a new econometric framework accounting for conditional long-run homogeneity in heterogeneous dynamic panel data models. In particular, in our model the long-run relationship between effective exchange rates and domestic as well as weighted foreign prices is a homogeneous function of a country’s international investment position. We find rather strong support for purchasing power parity in environments of limited negative net foreign asset to GDP positions, but not outside such environments. We thus argue that the purchasing power parity hypothesis holds conditionally, but not unconditionally, and that international investment positions are an essential component to characterizing this conditionality. Finally, we adduce evidence that whether deterioration of a country’s net foreign asset to GDP position leads to a depreciation of that country’s effective exchange rate depends on its rate of inflation relative to the rate of inflation abroad as well as its exposure to global shocks. JEL Classification: F31, F37, C2

Curve segmentation using directional information, relation to pattern detection

©2005 IEEE. Personal use of this material is permitted. However, permission to reprint/republish this material for advertising or promotional purposes or for creating new collective works for resale or distribution to servers or lists, or to reuse any copyrighted component of this work in other works must be obtained from the IEEE. This material is presented to ensure timely dissemination of scholarly and technical work. Copyright and all rights therein are retained by authors or by other copyright holders. All persons copying this information are expected to adhere to the terms and constraints invoked by each author's copyright. In most cases, these works may not be reposted without the explicit permission of the copyright holder.Presented at the 2005 International Conference on Image Processing (ICIP)September 11-14, 2005, Genova, Italy.DOI: 10.1109/ICIP.2005.1530175We propose an extension of the conformal (or geodesic) active contour framework in which the conformal factor depends not only on the position of the curve but also on the direction of its tangent. We describe several properties for variational curve segmentation schemes that justify the construction of optimal conformal factors (i.e., learning) in strong connection with pattern matching. The determination of optimal curves (i.e., segmentation) can be performed using either the calculus of variations or dynamic programming. The technique is illustrated on a road detection problem for different signal to noise ratios

International Investment Positions and Exchange Rate Dynamics

We revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions. To do so, we make use of a new econometric framework accounting for conditional long-run homogeneity in heterogeneous dynamic panel data models. In particular, in our model the long- run relationship between effective exchange rates and domestic as well as weighted foreign prices is a homogeneous function of a country's international investment position. We find rather strong support for purchasing power parity in environments of limited negative net foreign asset to GDP positions; furthermore, long-run exchange rate equilibria may have little relation to purchasing power parity outside such environments. We thus argue that the purchasing power parity hypothesis holds conditionally, but not unconditionally, and that international investment positions are an essential component to characterizing this conditionality

Initial Development and Verification of a Precise Orbit Determination Filter for the APEX CubeSat Mission

Current research for the Advanced Propulsion Experiment (APEX) at Missouri University of Science and Technology is focused on precise orbit and parameter determination to verify the performance of the Multi-Mode Ionic Monopropellant thruster payload. A batch filter to process dual-frequency GPS pseudoranges using the International GNSS Service precise position, clock, and phase center data products was developed. The filter estimates the dynamic states of the vehicle in conjunction with the coefficients of drag and solar radiation pressure, a constant average thrust magnitude, and the time biases of the GNSS receiver clock at each measurement epoch. Furthermore, it considers uncertainty in the vehicle attitude and mass measurement. The framework is extended to support examination of other parameters of interest. The statistical consistency of the filter is verified using a Monte Carlo analysis. The filter dynamics and measurement models are verified using AGI’s Systems Tool Kit and initial results of verification using NASA ICESat mission data are presented

Evolutionary design of a full–envelope flight control system for an unstable fighter aircraft

The use of an evolutionary algorithm in the framework of H∞ control theory is being considered as a means for synthesizing controller gains that minimize a weighted combination of the infinite-norm of the sensitivity function (for disturbance attenuation requirements) and complementary sensitivity function (for robust stability requirements) at the same time. The case study deals with the stability and control augmentation of an unstable high-performance jet aircraft. Constraints on closed-loop response are also enforced, that represent typical requirements on airplane handling qualities, that makes the control law synthesis process more demanding. Gain scheduling is required, in order to obtain satisfactory performance over the whole flight envelope, so that the synthesis is performed at different reference trim conditions, for several values of the dynamic pressure, Q, used as the scheduling parameter. Nonetheless, the dynamic behaviour of the aircraft may exhibit significant variations when flying at different altitudes h, even for the same value of the dynamic pressure, so that a trade-off is required between different feasible controllers synthesized for a given value of Q, but different h. A multi-objective search is thus considered for the determination of the best suited solution to be introduced in the scheduling of the control law. The obtained results are then tested on a longitudinal nonlinear model of the aircraft

Hegel and the Ethics of Brandom’s Metaphysics

In order to develop his pragmatist and inferentialist framework, Robert Brandom appropriates, reconstructs and revises key themes in German Idealism such as the self-legislation of norms, the social institution of concepts and facts, a norm-oriented account of being and the critique of representationalist accounts of meaning and truth. However, these themes have an essential ethical dimension, one that Brandom has not explicitly acknowledged. For Hegel, the determination of norms and facts and the institution of normative statuses take place in the context of Sittlichkeit (‘ethical life’). By engaging with some of the more ontologically and ethically substantive points raised by Hegel, I argue that, from a Hegelian perspective, Brandom’s project regarding the social determination of truth and meaning cannot be divorced from ethics, specifically, the ethical dimension of social recognition. Furthermore, I argue that, in real situations (as opposed to ideal ones), claims to normative authority cannot be considered independently from the legitimacy of those claims, a legitimacy that Brandom is unable to reasonably explain. Finally, I argue that a Hegelian solution to the problems facing Brandom’s framework calls into question the unity of reason that is at the core of Brandom’s normative pragmatics and inferential semantics

EEG-Based Quantification of Cortical Current Density and Dynamic Causal Connectivity Generalized across Subjects Performing BCI-Monitored Cognitive Tasks.

Quantification of dynamic causal interactions among brain regions constitutes an important component of conducting research and developing applications in experimental and translational neuroscience. Furthermore, cortical networks with dynamic causal connectivity in brain-computer interface (BCI) applications offer a more comprehensive view of brain states implicated in behavior than do individual brain regions. However, models of cortical network dynamics are difficult to generalize across subjects because current electroencephalography (EEG) signal analysis techniques are limited in their ability to reliably localize sources across subjects. We propose an algorithmic and computational framework for identifying cortical networks across subjects in which dynamic causal connectivity is modeled among user-selected cortical regions of interest (ROIs). We demonstrate the strength of the proposed framework using a "reach/saccade to spatial target" cognitive task performed by 10 right-handed individuals. Modeling of causal cortical interactions was accomplished through measurement of cortical activity using (EEG), application of independent component clustering to identify cortical ROIs as network nodes, estimation of cortical current density using cortically constrained low resolution electromagnetic brain tomography (cLORETA), multivariate autoregressive (MVAR) modeling of representative cortical activity signals from each ROI, and quantification of the dynamic causal interaction among the identified ROIs using the Short-time direct Directed Transfer function (SdDTF). The resulting cortical network and the computed causal dynamics among its nodes exhibited physiologically plausible behavior, consistent with past results reported in the literature. This physiological plausibility of the results strengthens the framework's applicability in reliably capturing complex brain functionality, which is required by applications, such as diagnostics and BCI