Exchange rate pass-through: evidence based on vector autoregression with sign restrictions

We estimate exchange rate pass-through (PT) into import, producer and consumer price indexes for nine OECD countries, using a method proposed by Uhlig (2005). In a Vector Autoregression (VAR) model, we identify the exchange rate shock by imposing restrictions on the signs of impulse responses for a small subset of variables. These restrictions are consistent with a large class of theoretical models and previous empirical findings. We find that exchange rate PT is less than one at both short and long horizons. Among three price indexes, exchange rate PT is greatest for import price index and smallest for consumer price index. In addition, greater exchange rate PT is found in an economy which has a smaller size, higher import share, more persistent exchange rate, more volatile monetary policy, higher inflation rate, and less volatile aggregate demand.Vector autoregression ; Price indexes ; Consumer price indexes

Thermodynamics of SU(2) bosons in one dimension

On the basis of Bethe ansatz solution of two-component bosons with SU(2) symmetry and $\delta$-function interaction in one dimension, we study the thermodynamics of the system at finite temperature by using the strategy of thermodynamic Bethe ansatz (TBA). It is shown that the ground state is an isospin "ferromagnetic" state by the method of TBA, and at high temperature the magnetic property is dominated by Curie's law. We obtain the exact result of specific heat and entropy in strong coupling limit which scales like $T$ at low temperature. While in weak coupling limit, it is found there is still no Bose-Einstein Condensation (BEC) in such 1D system.Comment: 7 page

Analytical solution of axi-symmetrical lattice Boltzmann model for cylindrical Couette flows

Analytical solution for the axi-symmetrical lattice Boltzmann model is obtained for the low-Mach number cylindrical Couette flows. In the hydrodynamic limit, the present solution is in excellent agreement with the result of the Navier-Stokes equation. Since the kinetic boundary condition is used, the present analytical solution using nine discrete velocities can describe flows with the Knudsen number up to 0.1. Meanwhile, the comparison with the simulation data obtained by the direct simulation Monte Carlo method shows that higher-order lattice Boltzmann models with more discrete velocities are needed for highly rarefied flows

Lumped models for transient thermal analysis of multilayered composite pipeline with active heating

In this study, improved lumped parameter models were proposed for transient thermal analysis of multilayered composite pipeline with active heating, which is essential for flow assurance design and operating strategies of deepwater subsea pipelines. Improved lumped models for transient heat conduction in multilayered composite pipelines were based on two-points Hermite approximations for integrals. The transient energy equation for the bulk temperature of the produced fluid was transformed into a set of ordinary differential equations in time by using a finite difference method. The coupled system of ordinary differential equations for average temperatures in the solids and bulk temperature of the fluid at each longitudinal discretization point along the pipeline was solved by using an ODE solver. With the proposed method, we analyzed the transient heat transfer in stainless steel-polypropylenestainless steel sandwich pipes (SP) with active electrical heating. Convergence behaviors of the average temperature of each layer and the bulk temperature of the produced fluid calculated by using the improved lumped models (H0,0/H1,1 and H1,1/H1,1 approximations) against the number of grid points along the pipelines were presented. Case studies were performed to investigate the effect of the linear rate of power input and the average velocity on the bulk temperature distribution of the produced fluid.Indisponível