East Asian Currency Area: A Fuzzy Clustering Analysis of Homogeneity

This paper attempts to examine the degree of homogeneity and the plausibility of a currency union in East Asia from the perspective of multiple OCA criteria, using the technique of fuzzy clustering analysis. The question of homogeneity is obviously of importance to the smooth formation and operation of the prospective currency union. We find that East Asia has not been sufficiently homogeneous and can be divided into about four groups with significant degree of fuzziness. We find no notable trend of convergence from the data. In fact, East Asian has appeared to be more diverged since the onset of the regional financial crisis. Thus, we suspect the possibility of forming a currency union in East Asia in the near future.Fuzzy Clustering Analysis; East Asia; Currency Area

A Deep Primal-Dual Network for Guided Depth Super-Resolution

In this paper we present a novel method to increase the spatial resolution of depth images. We combine a deep fully convolutional network with a non-local variational method in a deep primal-dual network. The joint network computes a noise-free, high-resolution estimate from a noisy, low-resolution input depth map. Additionally, a high-resolution intensity image is used to guide the reconstruction in the network. By unrolling the optimization steps of a first-order primal-dual algorithm and formulating it as a network, we can train our joint method end-to-end. This not only enables us to learn the weights of the fully convolutional network, but also to optimize all parameters of the variational method and its optimization procedure. The training of such a deep network requires a large dataset for supervision. Therefore, we generate high-quality depth maps and corresponding color images with a physically based renderer. In an exhaustive evaluation we show that our method outperforms the state-of-the-art on multiple benchmarks.Comment: BMVC 201

A dominant strategy, double clock auction with estimation-based tatonnement

The price mechanism is fundamental to economics but difficult to reconcile with incentive compatibility and individual rationality. We introduce a double clock auction for a homogeneous good market with multidimensional private information and multiunit traders that is deficit‐free, ex post individually rational, constrained efficient, and makes sincere bidding a dominant strategy equilibrium. Under a weak dependence and an identifiability condition, our double clock auction is also asymptotically efficient. Asymptotic efficiency is achieved by estimating demand and supply using information from the bids of traders that have dropped out and following a tâtonnement process that adjusts the clock prices based on the estimates

Missing Links in Multiple Trade Networks

In this paper we develop a network model of international trade which is able to replicate the concentrated and sparse nature of trade data. Our model extends the preferential attachment (PA) growth model to the case of multiple networks. Countries trade a variety of goods of different complexity. Every country progressively evolves from trading less sophisticated to high-tech goods. The probability to capture more trade opportunities at a given level of complexity and to start trading more complex goods are both proportional to the number of existing trade links. We provide a set of theoretical predictions and simulative results. A calibration exercise shows that our model replicates the same concentration level of world trade as well as the sparsity pattern of the trade matrix. Moreover, we find a lower bound for the share of genuine missing trade links. We also discuss a set of numerical solutions to deal with large multiple networks

3D scanning of cultural heritage with consumer depth cameras

Three dimensional reconstruction of cultural heritage objects is an expensive and time-consuming process. Recent consumer real-time depth acquisition devices, like Microsoft Kinect, allow very fast and simple acquisition of 3D views. However 3D scanning with such devices is a challenging task due to the limited accuracy and reliability of the acquired data. This paper introduces a 3D reconstruction pipeline suited to use consumer depth cameras as hand-held scanners for cultural heritage objects. Several new contributions have been made to achieve this result. They include an ad-hoc filtering scheme that exploits the model of the error on the acquired data and a novel algorithm for the extraction of salient points exploiting both depth and color data. Then the salient points are used within a modified version of the ICP algorithm that exploits both geometry and color distances to precisely align the views even when geometry information is not sufficient to constrain the registration. The proposed method, although applicable to generic scenes, has been tuned to the acquisition of sculptures and in this connection its performance is rather interesting as the experimental results indicate

The elasticity of trade : estimates and evidence

Quantitative results from a large class of structural gravity models of international trade depend critically on a single parameter governing the elasticity of trade with respect to trade frictions. We provide a new method to estimate this elasticity and illustrate the merits of our approach relative to the estimation strategy of Eaton and Kortum (2002). We employ this method on data for 123 developed and developing countries for the year 2004 using new disaggregate price and trade flow data. Our benchmark estimate for all countries is approximately 4.5, nearly 50 percent lower than the alternative estimation strategy would suggest. This difference implies a doubling of the measured welfare costs of autarky across a large class of widely used trade models

A Search Theory of Money and Commerce with Neoclassical Production

This paper advances a highly tractable model with search theoretic foundations for money and neoclassical growth. In the model, manufacturing and commerce are distinct and separate activities. In manufacturing, goods are efficiently produced combining capital and labor. In commerce, goods are exchanged in bilateral meetings. The model is applied to study the effects of in ation on capital accumulation and welfare. With realistic parameters, in ation has large negative effects on welfare even though it raises capital and output. In contrast, with cash-in-advance, a device informally motivated with bilateral trading, in ation depresses capital and output and has a negligible effecton welfare. (Keywords: search, money, commerce, in ation, neoclassical production, capital accumulation, optimum quantity of money.)search, money, commerce, in;ation, neoclassical production, capital accumulation, optimum quantity of money.