From the ERM to the euro: new evidence on economic and policy convergence among EU countries

Skeptic views on EMU are usually cast around three arguments. First, the EU does not satisfy 'Optimum Currency Area' (OCA) conditions. Second, heterogeneous economic and financial structures will produce differences in monetary transmission. Third, the shift from domestic to area-wide considerations may give rise to conflicts in the decision making of the European Central Bank (ECB). JEL Classification: E52, F02, E32economic and policy convergence

Computational Limits of A Distributed Algorithm For Smoothing Spline

In this paper, we explore statistical versus computational trade-off to address a basic question in the application of a distributed algorithm: what is the minimal computational cost in obtaining statistical optimality? In smoothing spline setup, we observe a phase transition phenomenon for the number of deployed machines that ends up being a simple proxy for computing cost. Specifically, a sharp upper bound for the number of machines is established: when the number is below this bound, statistical optimality (in terms of nonparametric estimation or testing) is achievable; otherwise, statistical optimality becomes impossible. These sharp bounds partly capture intrinsic computational limits of the distributed algorithm considered in this paper, and turn out to be fully determined by the smoothness of the regression function. As a side remark, we argue that sample splitting may be viewed as an alternative form of regularization, playing a similar role as smoothing parameter.Comment: To Appear in Journal of Machine Learning Researc

The Vimos VLT Deep Survey: Global properties of 20000 galaxies in the I_AB<=22.5 WIDE survey

The VVDS-Wide survey has been designed with the general aim of tracing the large-scale distribution of galaxies at z~1 on comoving scales reaching ~100Mpc/h, while providing a good control of cosmic variance over areas as large as a few square degrees. This is achieved by measuring redshifts with VIMOS at the ESO VLT to a limiting magnitude I_AB=22.5, targeting four independent fields with size up to 4 sq.deg. each. The whole survey covers 8.6 sq.deg., here we present the general properties of the current redshift sample. This includes 32734 spectra in the four regions (19977 galaxies, 304 type I AGNs, and 9913 stars), covering a total area of 6.1 sq.deg, with a sampling rate of 22 to 24%. The redshift success rate is above 90% independently of magnitude. It is the currently largest area coverage among redshift surveys reaching z~1. We give the mean N(z) distribution averaged over 6.1 sq.deg. Comparing galaxy densities from the four fields shows that in a redshift bin Deltaz=0.1 at z~1 one still has factor-of-two variations over areas as large as ~0.25 sq.deg. This level of cosmic variance agrees with that obtained by integrating the galaxy two-point correlation function estimated from the F22 field alone, and is also in fairly good statistical agreement with that predicted by the Millennium mocks. The variance estimated over the survey fields shows explicitly how clustering results from deep surveys of even ~1 sq.deg. size should be interpreted with caution. This paper accompanies the public release of the first 18143 redshifts of the VVDS-Wide survey from the 4 sq.deg. contiguous area of the F22 field at RA=22h, publicly available at http://cencosw.oamp.frComment: Accepted for publication on Astronomy & Astrophysic

Superradiant phase transitions with three-level systems

We determine the phase diagram of $N$ identical three-level systems interacting with a single photonic mode in the thermodynamical limit ($N \to \infty$) by accounting for the so-called diamagnetic term and the inequalities imposed by the Thomas-Reich-Kuhn (TRK) oscillator strength sum rule. The key role of transitions between excited levels and the occurrence of first-order phase transitions is discussed. We show that, in contrast to two-level systems, in the three-level case the TRK inequalities do not always prevent a superradiant phase transition in presence of a diamagnetic term

Immediate versus water-storage performance of Class V flowable composite restoratives

Objectives The aims of this investigation were to clarify the effects of 24 h water-storage and finishing time on mechanical properties and marginal adaptation to a Class V cavity of eight modern flowable resin-composites. Methods Eight flowable composites, plus two controls (one microfilled and one hybrid composite), were investigated with specimen sub-groups (n = 10) for each property measured. The principal series of experiments was conducted in model Class V cavities with interfacial polishing either immediately (3 min) after setting or after 24 h water-storage. After the finishing procedure, each tooth was sectioned in a buccolingual direction through the center of the restoration, and the presence or absence of marginal-gaps was measured (and then summed for each cavity) at 14 points (each 0.5 mm apart) along the cavity restoration interface (n = 10 per group; total points measured = 140). The shear bond-strengths to enamel and to dentin, and flexural strengths and moduli data were also measured at 3 min and after 24 h water-storage. Results For all flowable composites, polished immediately after setting, 14–30 summed gaps were observed (controls: 64 and 42). For specimens polished after 24 h, a significantly (p &#60; 0.05) reduced number of 8–17 summed gaps occurred for only 3 flowable composites; whereas for 5 flowable composites there were non-significantly-different (p &#62; 0.05) numbers (11–17) of summed gaps (controls: 28 and 22). After 24 h storage, shear bond-strengths to enamel and to dentin, flexural strengths and moduli increased highly significantly (p &#60; 0.001) for all materials, except Silux Plus. Significance A post-cure interval of 24 h resulted in enhanced mechanical and adhesive properties of flowable dental composites. In a minority of cases there was also a reduced incidence of marginal-gap formation. However the latter effect may be partly attributed to 24 h delayed polishing, even though such a delay is not usual clinical practice.</p