The exchange rate and purchasing power parity: extending the theory and tests.

This paper analyzes the exchange rate in a ``no-arbitrage' or ``real business cycle' equilibrium model and provides empirical evidence for this model vis-a-vis PPP. Our contribution is to show, based on a generalization of the equilibrium model of exchange rates, that (i) the test equation linking the exchange rate to fundamentals should allow for international heterogeneity in time preferences or risk attitudes, as well as noise---that is, the model should not be tested as an exact relation; (ii) empirical work should use levels of variables rather than first differences; (iii) tests on the existence of long-run relations should be complemented by tests on the signs of the coefficients; (iv) the specification of the regression should offer demonstrated advantages over alternatives, and the significance tests should not rely on asymptotic distributions; and (v) the tests should steer clear of countries that have imposed, for most of the period, capital restrictions or exchange controls, thus violating the integrated-markets assumption of the model. Our empirical work shows that, as a long-run relation, the generalized model outperforms PPP.Purchasing; Purchasing power; Theory; Equilibrium; Model; International; Risk; Variables; Advantages; Distribution;

The equilibrium approach to exchange rates: theory and tests.

We characterize the equilibrium exchange rate in a general equilibrium economy without imposing strong restrictions on the output processes, preferences, or commodity market imperfections. The nomial exchange rate is determined by differences in initial wealths - the currencies of richer countries tend to be overvalued, by PPP standards - and by differences of marginal indirect utilities of total nominal spending. Changes in the exchange rate mirror differences in growth rates of real spending weighted by relative risk-aversion (which can be time-varying and can differ across countries), and, in the case of non-homothetic utility functions, differences in inflation rates computed from marginal spending weights. Thus, standard regression or cointegration tests of PPP suffer from missing-variables biases and ignore variations in risk aversions across countries and over time. We also present cointegration test of the homothecy/ CRRA version of the model. When nominal spending is given an independent role (next to prices) in the short-term dynamics, both PPP and the CRRA model become acceptable.Equilibrium; Theory; Trade;

A study of the superconducting properties of YBa2Cu(9-x)Nb(x)O(y) thin films

Effect of Niobium substitution at the copper site in YBa2Cu3O(7-x) was studied in thin film form. The films were deposited by laser ablation technique using the targets of the YBa2Cu(3-x)Nb(x)O(y) where x = 0.0, 0.025, 0.05, 0.1, 0.2, 0.4, 0.8 and 1.0 under identical deposition conditions on SrTiO3 (100) substrates. Films were characterized by XRD, resistivity, I-V and J(sub c) measurements. Films made from x = 0.025 and 0.05 concentrations of Nb substituted targets showed relatively improved superconducting properties compared to that of undoped films. the best J(sub c) realized for x - 0.025 Nb concentration was 1.8 x 10(exp 6) A/sq cm and for 0.05 Nb concentration it was 3.2 x 10(exp 6) A/sq cm at 77 K. However, degradation of the superconducting properties, with the increase of x is greater than or equal to 0.1 Nb concentration and drastic suppression and complete loss of superconductivity was noticed for x is greater than or equal to 0.4. The growth of impurity phase YBa2NbO6 for x = 0.1 and above of Nb concentration was noted from XRD (X-Ray Diffraction) patterns. However, the site occupancy of Nb could not be confirmed from these studies

Effect of Nb2O5 and V2O5 addition on the superconducting properties of YBa2Cu3O(y) thin films

The effect of Nb2O5 and V2O5 addition on the superconducting properties and microstructure of YBa2Cu3O(y) has been studied in thin films. Polycrystalline targets for laser ablation were prepared by mixing high purity V2O5 or Nb2O5 powders with a well characterized YBa2Cu3O(y) powder in the range 0 to 4 wt percent by solid state reaction method. Thin films (approximately 1500 A thickness) of the above targets were grown on (100) SrTiO3 (STO) and (100) LaAlO3 (LAO) substrates at 700 C temperature by pulsed laser deposition (PLD) technique. In the case of Nb2O5 addition we have noticed an increase in J(sub c) up to 0.5 wt percent and higher additive concentration (greater than 0.5 wt percent) have degraded the superconducting properties. However, in the case of V2O3 addition, there is an improvement in current density and microstructural properties up to 1 wt percent and the superconducting properties degrade for concentrations greater than 1 wt percent. The best J(sub c) for 0.5 wt percent of Nb2O5 added YBCO thin film is 1.6 x 10(exp 6) A/sq cm and for that of V2O5 added sample is 3.4 x 10(exp 6) A/sq cm at 77 K as compared to the pure YBa2Cu3O(y) (YBCO) film J(sub c) (1.2 x 10(exp 6) A/sq cm) observed on STO substrates. The reason for improvement in J(sub c) and microstructural properties in the case of V2O5 addition could be due to the low melting of V2O5 (690 C) which can act as a very good surfactant during deposition. Over all, we have realized that Nb2O5 addition or V2O5 addition to YBCO have shown significant improvement over the undoped YBa2Cu3O(7-x) films grown under identical conditions

Rank deficiency of Kalman error covariance matrices in linear time-varying system with deterministic evolution

We prove that for-linear, discrete, time-varying, deterministic system (perfect-model) with noisy outputs, the Riccati transformation in the Kalman filter asymptotically bounds the rank of the forecast and the analysis error covariance matrices to be less than or equal to the number of nonnegative Lyapunov exponents of the system. Further, the support of these error covariance matrices is shown to be confined to the space spanned by the unstable-neutral backward Lyapunov vectors, providing the theoretical justification for the methodology of the algorithms that perform assimilation only in the unstable-neutral subspace. The equivalent property of the autonomous system is investigated as a special case

Growth and micro structural studies on Yittria Stabilized Zirconia (YSZ) and Strontium Titanate (STO) buffer layers

Microstructure of Yittria Stabilized Zirconia (YSZ) and Strontium Titanate (STO) of radio frequency magnetron sputtered buffer layers was studied at various sputtering conditions on Si (100), Sapphire and LaAlO3 (100) substrates. The effect of substrate temperatures up to 800 C and sputtering gas pressures in the range of 50 mTorr. of growth conditions was studied. The buffer layers of YSZ and STO showed a strong tendency for columnar growth was observed above 15 mTorr sputtering gas pressure and at high substrate temperatures. Post annealing of these films in oxygen atmosphere reduced the oxygen deficiency and strain generated during growth of the films. Strong c-axis oriented superconducting YBa2Cu3O7-x (YBCO) thin films were obtained on these buffer layers using pulsed laser ablation technique. YBCO films deposited on multilayers of YSZ and STO were shown to have better superconducting properties

Self Injection length in La0.7 Ca0.3 Mno3-YBa 2Cu3O7-d ferromagnet- superconductor multi layer thin films

We have carried out extensive studies on the self-injection problem in barrierless heterojunctions between La0.7Ca0.3MnO3 (LCMO) and YBa2Cu3O7-d (YBCO). The heterojunctions were grown in situ by sequentially growing LCMO and YBCO films on LaAlO3 (LAO) substrate using a pulsed laser deposition (PLD) system. YBCO micro-bridges with 64 microns width were patterned both on the LAO (control) and LCMO side of the substrate. Critical current, Ic, was measured at 77K on both the control side as well as the LCMO side for different YBCO film thickness. It was observed that while the control side showed a Jc of ~2 x 10E6 A/ cm2 the LCMO side showed about half the value for the same thickness (1800 A). The difference in Jc indicates that a certain thickness of YBCO has become 'effectively' normal due to self-injection. From the measurement of Jc at two different thickness' (1800 A and 1500 A) of YBCO both on the LAO as well as the LCMO side, the value of self-injection length (at 77K) was estimated to be ~900 A self-injection length has been quantified. A control experiment carried out with LaNiO3 deposited by PLD on YBCO did not show any evidence of self-injection.Comment: 6 pages, one figure in .ps forma

Optimization of HALO structure effects in 45nm p-type MOSFETs device using Taguchi Method

In this study, the Taguchi method was used to optimize the effect of HALO structure or halo implant variations on threshold voltage (VTH) and leakage current (ILeak) in 45nm p-type Metal Oxide Semiconductor Field Effect Transistors (MOSFETs) device. Besides halo implant dose, the other process parameters which used were Source/Drain (S/D) implant dose, oxide growth temperature and silicide anneal temperature. This work was done using TCAD simulator, consisting of a process simulator, ATHENA and device simulator, ATLAS. These two simulators were combined with Taguchi method to aid in design and optimize the process parameters. In this research, the most effective process parameters with respect to VTH and ILeak are halo implant dose (40%) and S/D implant dose (52%) respectively. Whereas the second ranking factor affecting VTH and ILeak are oxide growth temperature (32%) and halo implant dose (34%) respectively. The results show that after optimizations approaches is -0.157V at ILeak=0.195mA/μm

Synthesis of current knowledge of the biophysical impacts of dredging and disposal on the Great Barrier Reef: report of an Independent Panel of Experts

[Extract] This report provides an independent synthesis of the current knowledge of the effects of dredging and sediment disposal on the physico-chemical environment and the biological values of the Great Barrier Reef World Heritage Area (World Heritage Area), as assessed by an Expert Panel. Dredging and sediment disposal can change the physical and chemical environment and affect the biological values of the World Heritage Area. Many of these effects will be context dependent and will differ between locations, types and extent of dredging and sediment disposal activities. The Expert Panel's evaluation identified the following key direct and indirect effects