When to Join the Eurozone: An Empirical Analysis

The paper is the first part of a broader empirical study that considers the entry timing of accession economies into the eurozone and their exchange-rate regimes between the EU entry and prior to the eurozone entry. The presented empirical analysis is based on model simulations and on the outcomes of previous work related to panel estimates of model equations for five accession economies. The first conclusion is that is not possible to search for one-for-all answers as to timing and exchange-rate regimes. Each of the accession countries should decide in accordance with specific country characteristics. According to our analysis, Poland could benefit most from entering the eurozone relatively quickly, while the Czech Republic and Hungary may benefit from a more cautious approach. This diversity reflects different characteristics such as openness, flexibility, and financial wealth. Postponing entry after 2009 would likely carry fewer additional benefits, however.accession; eurozone; empirical analysis; Czech Republic; Hungary; Poland

Which Exchange-Rate Regime in the EMU Accession Period: An Empirical Analysis

This study is the second part of larger empirical work focused on the timing of European Monetary Union (EMU) accession and on the selection of a pre-accession exchange-rate regime. The tool of our empirical analysis used in both studies is a model simulation that benefits from a consistent macro framework and estimated model equations. Five accession countries were studied. The results demonstrate that it is important to design pre-EMU exchange-rate regimes independently, according to the characteristics of each accession country, such as openness, flexibility, or level of financial wealth. Following the European Exchange-rate Mechanism (ERM II) as a core monetary-policy strategy for the whole of the pre-EMU period may be beneficial only for some accession countries. While Poland would benefit from introducing a fixed-rate regime for the pre-EMU period, for example, the Czech Republic and Slovenia would benefit more from maintaining a floating exchange rate. For Estonia and Hungary, both options have comparable benefits.accession countries; exchange-rate regime; empirical analysis

Properties of compositionally graded Ba(1-x)SrxTiO(3) thick films

Compositionally graded thick films (0.4 mm) have been fabricated using the airflow deposition method. Films were made of five layers with different composition Ba1-xSrxTiO(3) (BST, x=0, 0.1, 0.2, 0.3 and 0.4). The layers presented different thicknesses, ranging from 80 to 30 microns, but similar Vickers microhardness. The average particle size of deposited layers was below 500 nm and the density of asdeposited films was about 80% of theoretical. After sintering at 1350 ?C samples presented increaseddensity (>90%) and maintained a compositional gradient. When compared to single-composition BST ceramics, permittivity of graded films was much less dependent on temperature over a wide range, from -50 to 250 ?C. In addition, the films displayed polarisation offset when driven by an alternating field and heated above 50?C

Re-evaluation of the LHC potential for the measurement of Mw

We present a study of the LHC sensitivity to the W boson mass based on simulation studies. We find that both experimental and phenomenological sources of systematic uncertainties can be strongly constrained with Z measurements: the lineshape is robustly predicted, and its analysis provides an accurate measurement of the detector resolution and absolute scale, while the differential cross-section analysis absorbs most of the strong interaction uncertainties. A sensitivity \delta Mw \sim 7 \MeV for each decay channel (W --> e nu, W --> mu nu), and for an integrated luminosity of 10 fb-1, appears as a reasonable goal

Convergence properties of η→3π\eta\to 3\pi decays in chiral perturbation theory

Theoretical efforts to describe and explain the $\eta\to 3\pi$ decays reach far back in time. Even today, the convergence of the decay widths and some of the Dalitz plot parameters seems problematic in low energy QCD. In the framework of resummed CHPT, we explore the question of compatibility of experimental data with a reasonable convergence of a carefully defined chiral series, where NNLO remainders are assumed to be small. By treating the uncertainties in the higher orders statistically, we numerically generate a large set of theoretical predictions, which are then confronted with experimental information. In the case of the decay widths, the experimental values can be reconstructed for a reasonable range of the free parameters and thus no tension is observed, in spite of what some of the traditional calculations suggest. The Dalitz plot parameters $a$ and $d$ can be described very well too. When the parameters $b$ and $\alpha$ are concerned, we find a mild tension for the whole range of the free parameters, at less than 2$\sigma$ C.L. This can be interpreted in two ways - either some of the higher order corrections are indeed unexpectedly large or there is a specific configuration of the remainders, which is, however, not completely improbable. Also, the distribution of the theoretical uncertainties is found to be significantly non-gaussian, so the consistency cannot be simply judged by the 1$\sigma$ error bars.Comment: 57 pages, 5 figure

Oaken Barrel Brewing Company: Restaurant & Brewery

Bistro & tavern. Creative menu design. Brewery. Geographical location: 50 N. Airport Parkway, Ste. L, Greenwood, Illinois